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.
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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Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.