The Republican Senator in Wyoming Sinaia Lomes presented a brief in the legal battle of Coinbase against the US Securities and Stock Exchange Committee (SEC). The deposit was submitted to the US Court of Appeal for the second circle regarding Coinbase to take the US implementation measures against the stock exchange.
SEC had filed a lawsuit against Coinbase by claiming that it was running an unregistered trading platform, as well as an unregistered broker and a clearing agency.
Senator Centeh Lomes says SEC is undermining Congress in a lawsuit
in Modern summarySenator Centum Lomes criticized the Supreme Education Council for overcoming her mandate under the former president, Gary Ginsler. According to Lomis, SEC’s actions contradict the delegation of Congress in organizing cryptocurrencies. The agency also accused the use of its regulatory authority to re -explain the laws of securities and notes the platforms for the circulation of digital assets without a law from Congress.
Lomis stressed that the role of Congress is to provide a clear legal framework for regulating digital assets in legislation. It stated that the approach of the Supreme Education Council in the organization was unconstitutional. The checks and balances have violated the legislative and executive branches.
This comes just days after voting on Senator Centum Lomes to chair the sub -committee for the Digital Assets of the Senate. She wants to put guidelines on cryptocurrencies and make Bitcoin part of the US financial system. Senator Centeh Lomes stressed that the country should act quickly to maintain the main position in financial innovation.
Legal background of the case against Coinbase
In 2023, SEC filed a lawsuit against Coinbase claiming that the company was working as an unregistered stock exchange, mediation and a clearing agency. He called on the highest exchange of encryption, to reject a lawsuit for the Supreme Education Council, accusing the regulator of transgression in the application of securities laws. The case has been transferred since then to the US Court of Appeal after the Coinbase Court granted permission.
In its summary, Senator Centeh Lomes claimed that what the Securities and Stock Authority was doing was a form of “enforcement legislation”. It indicated that it is the Congress, not the US Securities and Stock Exchange, that could determine the encryption regulations.
However, despite the SEC ongoing lawsuit, Top Crypto Exchang Global expansion continues. Coinbase guaranteed VASP license in Argentina, which enhances its commitment to organized growth. Matthias Alberti will lead the operations, with the aim of enhancing the presence of the platform in the region.
Judicial oversight of the SEC authority
In addition, Lummis highlighted the need for judicial intervention in cases that involve the implementation of SEC digital assets. She stressed that the second department court must provide clarity when digital assets are qualified as securities. This ruling, according to Senator Cenatia Lomes, can have effects on continuous cases, including lawsuits against other exchanges.
The summary also noticed that Congress is in the process of formulating the legislation that will help solve issues. Senator Centeh Lomes indicated her work with Senator Kirsten Gilbrand on a bill that would help define the judicial states of the SEC and CFTC in relation to encrypted currencies.
With the departure of the SEC office, Gary Ginsner leaves, the agency’s approach to encryption regulation is likely to change. Recently, the Acting President revealed plans to create a new coding team to work to achieve reasonable encryption regulations.
Ronnie Mogndi
Ronny Mugendi is a four -year experienced encryption journalist, as he contributed greatly to the various media in cryptocurrencies and technologies. With more than 4000 articles published through various media, it aims to inform and teach more people to the Blockchain world and Defi. Outside his career in the press, Rooney has a bicycle riding and exploring new paths and landscapes.
Responsibility: Is market research before investing in encrypted currencies? The author or post does not bear any responsibility for your personal financial loss.
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