Senator Lummis calls SEC’s crypto rules ‘un-American’ in legal brief – BitRss

• Senator Cynthia Lummis challenged SEC’s crypto crackdown, pushing for congressional oversight.
• Coinbase expands globally despite the SEC lawsuit, securing a VASP license in Argentina.

In a surprising legal move, U.S. Senator Cynthia Lummis has stepped into the Coinbase vs. SEC battle. She filed an amicus curiae brief in the U.S. Court of Appeals for the Second Circuit.

Lummis is challenging what she calls the SEC’s “legislation-by-enforcement” approach. She criticizes the agency’s regulatory crackdown under the Biden administration.

For context, the case revolves around the SEC’s allegations that Coinbase has been operating an unregistered trading platform, broker, and clearing agency.

Senator takes a jab at the SEC

In her recent brief, Senator Cynthia Lummis argued that the SEC overstepped its authority under former Chair Gary Gensler. She asserted that the SEC’s aggressive stance on crypto regulation contradicted Congress’s intended framework.

She accused the agency of reshaping securities laws to target digital asset platforms without proper legislative backing.

Lummis emphasized that such regulatory overreach undermines the crypto in…