Coinbase vs. SEC Lawsuit Takes a Dramatic Turn as High-profile Attorney Patrick Kennedy Steps In

• Legal expert Patrick Kennedy seeks to represent the Chamber of Digital Commerce as amicus counsel.
• The Chamber aims to curtail the SEC’s regulation efforts, calling for transparent guidelines.
• Coinbase executives and U.S. lawmakers remain optimistic and decry the SEC’s stifling of crypto innovation.

In a recent legal turn, Patrick Kennedy, a distinguished attorney, has entered the Coinbase vs SEC battle, aiming to represent the Chamber of Digital Commerce as amicus counsel. This marks a notable escalation in the lawsuit that could redefine the regulatory landscape for digital assets in the United States.

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Kennedy filed a request on August 31 to be admitted for this specific case and plans to serve as the voice for the Chamber of Digital Commerce, a role significant for the ongoing legal proceedings. The Chamber is not a direct party but will act as an advisory entity to the court.

As the lawsuit advances, the Chamber aspires to thwart the SEC’s attempts to oversee the crypto sector via enforcement actions, a tactic the Chamber argues is in discord with Congressional intent. Lawmakers are actively developing cryptocurrency regulations and are opposed to the SEC’s ad-hoc, stifling approach.

Coinbase leaders Brian Armstrong and Paul Grewal maintain a positive outlook regarding the lawsuit’s potential dismissal. They assert that the SEC, under Chair Gary Gensler, aims to impede cryptocurrency innovation, a view that garners increasing legislative support. Many lawmakers are lobbying for the court to quash the lawsuit altogether.

In light of this, the crypto industry perceives the SEC’s case against Coinbase as antithetical to innovation and inconsistent with broader governmental initiatives.

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