Coinbase vs SEC: New attorney Patrick V. Kennedy joins fight

The crypto community, integer plus organizations and lawmakers person voiced their backing for the Coinbase vs. United States Securities Exchange Commission lawsuit's dismissal. In a caller update, a caller attorney, Patrick V. Kennedy, has entered the fray, seeking tribunal support to correspond the Chamber of Digital Commerce arsenic amicus counsel.

In a ineligible papers filed connected August 31, lawyer Patrick V. Kennedy from McDermott Will & Emery submitted a petition to beryllium admitted pro hac vice - meaning 'for this occasion' - intending to service arsenic counsel for amicus The Chamber of Digital Commerce. Along with the Blockchain Association, the Chamber of Digital Commerce has played a important amicus relation successful the ongoing Coinbase vs. SEC lawsuit. An 'amicus' is simply a enactment oregon idiosyncratic that is not straight progressive successful the case, but joins successful bid to counsel the court.

Screenshot of the question for admission   Source: Court Listener

The Chamber of Digital Commerce aims to halt the SEC's efforts to modulate the integer plus assemblage done enforcement actions. Instead of offering transparent guidelines and regulations, the SEC's actions tally antagonistic to the intentions of some houses of the U.S. Congress, which are actively crafting cryptocurrency regulations. It's worthy noting that Congress has ne'er explicitly granted the SEC authorization to oversee integer assets.

In the meantime, Brian Armstrong and Paul Grewal, executives astatine Coinbase, stay optimistic astir the lawsuit's dismissal. Grewal contends that the SEC and Chair Gary Gensler are attempting to stifle cryptocurrency innovation successful the United States. Additionally, lawmakers person called connected the court to disregard the lawsuit.

Related: Coinbase CEO reveals apical 10 crypto ideas he’s urging devs to enactment on

The judgements successful the Ripple and Grayscale cases person underscored the SEC's deficiency of clarity successful distinguishing which cryptocurrencies suffice arsenic securities, highlighting a deficiency successful regulatory clarity. In these caller rulings, the SEC faced defeats against Ripple and, much recently, Grayscale, arsenic it failed to supply capable reasoning for rejecting the conversion of Bitcoin ETFs.

Gary Gensler, the SEC Chair, believes that each cryptocurrencies, but Bitcoin, should beryllium classified arsenic securities and that the SEC should person authorization implicit the full crypto industry. Nonetheless, the SEC's credibility has eroded owed to its seemingly illogical claims regarding cryptocurrencies. Furthermore, the SEC's postponement of decisions connected 7 Bitcoin ETFs whitethorn effect successful fiscal losses for investors.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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