- 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 whirlwind of legal maneuvers, U.S. Senator Cynthia Lummis has waded into the Coinbase vs. SEC fray with the grace of a cat 🐱 on a hot tin roof. Filing an amicus curiae brief at the U.S. Court of Appeals for the Second Circuit, she’s making her presence felt. 🌟
Lummis stands defiant with a saber 🗡️ against the SEC’s “legislation-by-enforcement” gambit, slamming their regulatory blitz under the Biden regime. 🇺🇸
To set the stage with dramatic flair, the SEC has accused Coinbase of being a crypto renegade, running an unregistered trading sanctum, broker, and clearing enclave. 🎭
Senator throws shade on the SEC
In this legal theatrical, Senator Lummis, with a sly grin, asserts that the SEC under former Chair Gary Gensler donned the cloak of autocracy. 🕵️ She fiercely contends that their spirited crypto-regulatory tango was out of sync with Congress’s envisioned symphony. 🎶
She didn’t mince words, pointing her finger accusingly at the agency for rewriting securities laws like a bad novel, aiming squarely at digital asset platforms sans legislative script. 📚✍️
Lummis dramatizes that this regulatory swashbuckling threatens to capsize 🚢 the crypto industry while sparking concern over the SEC’s solo voyage of policy enforcement without the compass 🧭 of congressional approval.
With a flourish, she took to X (née Twitter) and declared,
“The SEC’s approach under the Biden administration was to aggressively reinterpret case law governing Howey and investment contracts, keep those interpretations secret 🤫, and then demand compliance from digital asset exchanges.”
With another jab, she quipped,
“Such an approach is un-American. 🇺🇸 It is the job of Congress to provide a legislative framework that clearly draws the line between a security and a commodity.”
And with her signature sarcasm, she added,
“Under President Trump, we are bringing innovation back to America.” 🦅
And the plot thickens…
Lummis portrayed the SEC’s escapades 👞 as those that trampled the delicate ballet 🩰 of power between legislative and executive roles, sidelining lawmakers.
Ironically, these arguments caught wind 🌬️ just as she accepted her latest role leading the Senate’s Digital Assets Subcommittee—an entrance fit for an aria, indeed.
Her stage direction? To script clear-cut crypto regulations and champion Bitcoin’s [BTC] star 🌠 role in the American financial opera. 🎼
Against this dramatic backdrop, Coinbase strides undeterred, spreading its wings 🌐 even as the SEC lawsuit looms. With a triumphant cry, it recently clinched a VASP license in Argentina, reaffirming its pièce de résistance commitment to regulatory harmony. 🎭
Gensler’s new act
Meanwhile, as the curtain falls on Gensler’s SEC chapter, he’s off to play the professorial sage 🎓 at MIT Sloan School of Management—teaching a medley 📚 of AI, finance, and policy.
Yet, his exit leaves a cryptic fog 🌫️ where the future of crypto regulation stands. But fear not! With Trump’s fondness for all things crypto, there’s a silver lining in this dense plot cloud ☁️. 🎬
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2025-01-30 01:48