Senator Lummis files amicus brief against sec in coinbase case

Finally a fuck you Gary with some weight behind it!

Credit to metalawman on twitter:

Senator Cynthia Lummis (R. WY) just filed an Amicus Brief supporting @Coinbase's motion to dismiss the SEC's complaint.

@SenLummis is Co-Sponsor of the Lummis-Gillibrand crypto regulation bill.

Sen. Lummis' brief argues that:

1. Congress has not granted the SEC authority to regulate crypto assets.

2. Defining the contours of crypto regulation in this country is a job for Congress and not the SEC.

3. The SEC's claim that virtually all crypto assets are securities "exceeds the SEC's authority, encroaches on Congress's lawmaking, and contravenes the separation of powers."

And putting a new spin on the "regulation-by-enforcement" term, Senator Lummis declares that "the SEC cannot legislate by enforcement."

Excellent work by the lawyers at Jenner & Block.

Well said. Well done. 👇