- Senator Cynthia Lummis has appealed to the New York district court to dismiss the lawsuit filed by the Securities and Exchange Commission (SEC) against cryptocurrency exchange Coinbase.
- Lummis argues that the lawsuit contradicts ongoing legislative efforts to regulate cryptocurrencies and that the SEC has overstepped its authority in regulating cryptocurrencies.
- She emphasizes the economic and political significance of the crypto industry and argues that any decision on such a matter of national importance should be backed by clear congressional authorization.
Senator Cynthia Lummis has challenged the SEC’s lawsuit against Coinbase, arguing that it contradicts current legislative efforts and that the SEC has exceeded its authority in regulating cryptocurrencies.
Highlighting the Economic and Political Significance of the Crypto Industry
Senator Cynthia Lummis, R-Wyo, has lodged an objection with the New York district court regarding the lawsuit filed by the Securities and Exchange Commission (SEC) against cryptocurrency exchange Coinbase. Lummis contends that this situation conflicts with existing legislative efforts, asserting that the SEC has overstepped its authority in regulating cryptocurrencies.
Recently, Lummis, along with Senator Kirsten Gillibrand, proposed a comprehensive bill to regulate digital assets. Lummis criticized the SEC’s approach to the situation and emphasized the economic and political significance of the crypto industry. Based on the major questions doctrine, she argued that if an agency wants to make a decision on a matter of such great national importance, that decision should be supported by clear congressional authorization.
The Major Questions Doctrine
The major questions doctrine has two parts: one focuses on the impact of the issue on the economy or society, and the other focuses on whether a federal institution has clear authority to implement new regulations.
Cryptocurrency Regulation: An Issue of Economic and Political Importance
Lummis highlighted the fact that the regulation of crypto assets is of great economic and political importance. She also noted the increase in crypto value in recent years.
Conclusion
In conclusion, Senator Cynthia Lummis has taken a stand against the SEC’s lawsuit against Coinbase, arguing that it contradicts ongoing legislative efforts and that the SEC has overstepped its bounds in regulating cryptocurrencies. She has emphasized the economic and political significance of the crypto industry and argued for clear congressional authorization for decisions on such matters of national importance.
