WASHINGTON, D.C. – U.S. Senator Cynthia Lummis (R-WY) filed an amicus curiae brief on Friday, January 24, 2025 in Coinbase v. Securities and Exchange Commission in the U.S. Court of Appeals for the Second Circuit, pushing back on the failed legislation-by-enforcement strategy of the Securities and Exchange Commission (SEC) under former Chair Gary Gensler and the Biden Administration.
“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,” said Lummis. “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.”
A copy of the brief can be found here.
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