SEC vs. Coinbase: New lawyer Patrick Kennedy joins fight
The crypto community, digital asset organizations and lawmakers have voiced their support for the dismissal of the United States Securities Exchange Commission (SEC) vs. Coinbase lawsuit. In a recent update, lawyer Patrick Kennedy has entered the fray, seeking court approval to represent the Chamber of Digital Commerce as amicus counsel.
In a legal document filed on Aug. 31, Kennedy submitted a request to be admitted pro hac vice (for this occasion) and intends to serve as counsel for amicus The Chamber of Digital Commerce. Along with the Blockchain Association, the Chamber of Digital Commerce has played a significant amicus role in the ongoing lawsuit. An “amicus” is a party or individual not directly involved in the case but joins to advise the court.
The Chamber of Digital Commerce aims to halt the SEC’s efforts to regulate the digital asset sector through enforcement actions. Instead of offering transparent guidelines and regulations, the SEC’s actions counter the intentions of both houses of the U.S. Congress, which are actively crafting cryptocurrency regulations.
Coinbase executives Brian Armstrong and Paul Grewal remain optimistic about the lawsuit’s dismissal. Grewal contends that the SEC and its Chair, Gary Gensler, are attempting to stifle cryptocurrency innovation in the United States. Additionally, lawmakers have called on the court to dismiss the lawsuit.
Related: Coinbase CEO reveals top 10 crypto ideas he’s urging devs to work on
The judgments in the Ripple and Grayscale cases have underscored the SEC’s lack of clarity in distinguishing which cryptocurrencies qualify as securities, highlighting a deficiency in regulatory clarity. In recent rulings, the SEC faced defeats against Ripple and, more recently, Grayscale, as it failed to provide adequate reasoning for rejecting the conversion of Bitcoin ETFs.
Gensler believes that all cryptocurrencies except Bitcoin should be classified as securities and that the SEC should have authority over the entire crypto industry. Nonetheless, the SEC’s credibility has eroded due to its seemingly illogical claims regarding cryptocurrencies. Furthermore, the SEC’s postponement of decisions on seven Bitcoin ETFs may result in financial losses for investors.
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Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
The UK has re-established diplomatic ties with Syria, David Lammy has said, as he made the first visit to the country by a British minister for 14 years.
The foreign secretary visited Damascus and met with interim president Ahmed al Sharaa, also the leader of the rebel group Hayat Tahrir al-Sham (HTS), and foreign minister Asaad al Shaibani.
It marks the latest diplomatic move since Bashar al Assad’s regime was toppled by rebel groups led by HTS in December.
In a statement, Mr Lammy said a “stable Syria is in the UK’s interests” and added: “I’ve seen first-hand the remarkable progress Syrians have made in rebuilding their lives and their country.
“After over a decade of conflict, there is renewed hope for the Syrian people.
“The UK is re-establishing diplomatic relations because it is in our interests to support the new government to deliver their commitment to build a stable, more secure and prosperous future for all Syrians.”
Foreign Secretary David Lammy with Syria’s interim president Ahmed al Sharaa in Damascus. Pic: X / @DavidLammy
The Foreign, Commonwealth and Development Office has also announced a £94.5m support package for urgent humanitarian aid and to support the country’s long-term recovery, after a number of British sanctions against the country were lifted in April.
While HTS is still classified as a proscribed terror group, Sir Keir Starmer said last year that it could be removed from the list.
The Syrian president’s office also said on Saturday that the president and Mr Lammy discussed co-operation, as well as the latest developments in the Middle East.
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Since Assad fled Syria in December, a transitional government headed by Mr al Sharaa was announced in March and a number of western countries have restored ties.
In May, US President Donald Trump said the United States would lift long-standing sanctions on Syria and normalise relations during a speech at the US-Saudi investment conference.
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From May: Trump says US will end sanctions for Syria
He said he wanted to give the country “a chance at peace” and added: “There is a new government that will hopefully succeed.
“I say good luck, Syria. Show us something special.”
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