The crypto community, digital asset associations, and legislators have expressed their support for the dismissal of the Coinbase vs US SEC lawsuit. In the latest development in the lawsuit, a new lawyer has entered the case. Patrick V. Kennedy seeks approval from the court to appear as a counsel for amicus The Chamber of Digital Commerce.
Motion For Entry in Coinbase Vs US SEC
According to a court filing on August 31, lawyer Patrick V. Kennedy at McDermott Will & Emery filed a motion to appear pro hac vice as counsel for amicus The Chamber of Digital Commerce. Along with the Blockchain Association, the Chamber of Digital Commerce has been a primary amicus in the Coinbase vs SEC lawsuit.
The Chamber of Digital Commerce wants to end the SEC’s attempt to regulate the digital asset industry by enforcement actions. As opposed to providing clear guidance and rules, the SEC’s actions are against both chambers of the U.S. Congress, which are working on crypto regulations. In fact, the Congress never granted authority to the SEC to regulate digital assets.
Meanwhile, Coinbase executives Brian Armstrong and Paul Grewal are confident about the dismissal of the lawsuit. Grewal asserts that the SEC and Chair Gary Gensler are trying to kill the crypto innovation in the U.S. Legislators have also urged the court to dismiss the lawsuit.
Ripple and Grayscale rulings have cleared that the SEC lacks understanding on which crypto are securities, indicating a lack of clear regulations.
Read More: XRP Lawyer Deaton And Top Analyst Predict Binance And Coinbase’s Win Against US SEC
SEC Losing Its Credibility
The SEC lost against Ripple and recently against Grayscale for rejecting Bitcoin ETF conversion without proper reasoning. SEC Chair Gary Gensler believes that all cryptocurrencies except Bitcoin are securities and the agency has jurisdiction over the crypto industry.
However, the SEC losing its credibility by making unlogical assertions related to crypto. The SEC has also delayed the decision on seven Bitcoin ETFs, causing loses to investors.
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