Crypto Queen Slams SEC! 🏛️

Senator Cynthia Lummis, that formidable Republican with an almost indecent enthusiasm for all things cryptographic, has, with a dramatic flourish, entered the fray against the US Securities and Exchange Commission. One almost expects her to be sporting a monocle and twirling a metaphorical moustache.

According to the estimable journal, The Block, Senator Lummis, a woman clearly not one to suffer fools gladly, has submitted a 29-page amicus brief in support of Coinbase’s rather desperate appeal against the SEC’s tedious lawsuit. It would seem the regulatory agency is accused of engaging in a spot of ‘overreach,’ a rather polite term for what many are calling ‘a downright impertinence’ and undermining Congress’s rather sacred authority over these digital whatnots.

The Coinbase Affair: Lummis to the Rescue 

The SEC’s rather uncouth lawsuit against Coinbase has become a veritable battlefield in this tiresome debate over the agency’s habit of, shall we say, exceeding its brief. The agency, in its usual heavy-handed manner, has accused Coinbase of behaving like an unregistered exchange, broker, and clearing agency, a trio of sins that one feels might warrant a public flogging in less enlightened times.

Coinbase, naturally, has thrown up its hands in affected despair, filing an appeal and whimpering that the SEC’s actions are both unjust and, heaven forfend, unconstitutional. The exchange has the gall to claim that the lawsuit infringes on Congress’s authority, a claim, one suspects, that was delivered with a particularly dramatic sob.

Even Binance, not generally known for their shrinking violet demeanour, has begged for clearer rules on how these federal security laws apply to the strange world of crypto. The SEC, in its infinite wisdom, refused, leading to calls for court intervention. One shudders to think what would happen if grown-ups had to behave like grown-ups. As
reported
by Coinspeaker, the court, with a sigh of weary resignation, ordered the SEC to explain its decision to reject the petition for crypto-specific regulations. One imagines the collective groan that must have emanated from the SEC’s headquarters.

Senator Lummis, a veritable crusader for crypto and all its blockchain-y glories, has, with great gusto, backed Coinbase’s position. In her brief, Lummis declared, with the sort of confidence only a Senator can muster, that the SEC’s aggressive approach is legally flawed and, more gravely, fundamentally un-American. One might be tempted to say it was all rather unsporting.

She has taken the agency to task for its classification of far too many digital assets as securities under the rule of Chair Gary Gensler. A move that she rightly points out enforces registration rules that just don’t seem to fit into the strange and wonderful world of digital assets. One does begin to suspect the SEC are simply making it up as they go along.

The Republican Senator, clearly not one to mince words, has accused the SEC of being secretive and dreadfully unfair in its enforcement of these rules, suggesting that the agency seems to be rewriting laws without so much as a by-your-leave. She emphasized that it is Congress, not the SEC, who hold the reigns of power when it comes to securities and commodities regulation. A rather salient point, one would think.

Lummis, bless her cotton socks, has stressed the need for clear and fair laws to guide the future of this increasingly bizarre crypto industry. She has urged the Second Circuit Court to step in and define the limits of the SEC’s rather sprawling authority. Perhaps someone should draw them a map.

A Shifting SEC, One Hopes, Under New Management

Senator Lummis is gaining influence, and quite right too. She now has the prestigious role of chairing the Senate Banking Committee panel focused on digital assets, which is sure to bring more than a little disquiet to the SEC. She is now working on various bills to define the SEC’s role, pushing for laws that create a fairer balance for crypto regulation. One does begin to feel a modicum of hope.

This includes one particularly intriguing bill that would force digital asset exchanges to register with the US Commodity Futures Trading Commission (CFTC) instead of the SEC. One can only imagine the collective apoplexy this will cause. With President

now in office, Senator Lummis, with characteristic optimism, expects the landscape for crypto regulation to undergo some rather significant changes. One must assume she’s referring to a complete and utter overhaul.

President Trump has nominated Paul Atkins, a crypto-friendly former regulator, as the new head of the SEC. Many in the crypto community are now rubbing their hands with glee, hoping the agency’s stance on digital assets will become rather more favorable. One does hope so, for the sake of us all.

This is primarily due to Atkins’s background in supporting less stringent regulations for these digital whatnots. One rather suspects that there may be hope for us all yet. This shift could lead to clearer guidelines and perhaps even some sort of confidence in the market. One dares to dream 😴

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2025-01-29 00:48