The Coinbase vs. United States Securities Exchange Commission (SEC) lawsuit has been backed by the crypto community, digital asset organizations, and lawmakers. A new attorney, Patrick V. Kennedy, has been admitted pro hac vice to represent the Chamber of Digital Commerce as amicus counsel. The Chamber of Digital Commerce is aiming to halt the SEC’s enforcement actions and instead push for transparent guidelines and regulations. Coinbase executives remain optimistic about the lawsuit’s dismissal, and lawmakers have called on the court to do the same.The SEC’s credibility has been eroded due to its seemingly illogical claims regarding cryptocurrencies, and its decision to postpone seven Bitcoin ETFs may result in financial losses for investors. SEC Chair Gary Gensler believes that all cryptocurrencies, except Bitcoin, should be classified as securities and that the SEC should have authority over the entire crypto industry. The judgements in the Ripple and Grayscale cases have highlighted the SEC’s lack of clarity in distinguishing which cryptocurrencies qualify as securities.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	8
People	Paul Grewal, Brian Armstrong, Patrick V. Kennedy, Congress., Gary Gensler
Companies	Chamber of Digital Commerce, United States Securities Exchange Commission, SEC, Blockchain Association, Coinbase
Currencies	APENFT, Ethereum, grayscale, XRP, Bitcoin
Securities	None