On Friday, a federal court received amicus briefs from U.S. Senator Cynthia Lummis (R-Wy.), several crypto advocacy groups and a team of academics, urging it to reject the SEC’s lawsuit against Coinbase, a crypto exchange.
The SEC sued Coinbase and another exchange, Binance (along with its U.S. branch, Binance.US), in June this year, claiming that they were operating as unregistered securities exchanges, brokers and clearinghouses that dealt with unregistered securities in the form of crypto assets.
The amicus briefs, which support Coinbase’s position, argued that the SEC was overstepping its authority and trying to regulate crypto markets without clear rules.
The briefs were addressed to Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York, who is presiding over the case.