Attorney Patrick V. Kennedy Joins SEC vs. Coinbase Lawsuit
Attorney Patrick V. Kennedy, from McDermott Will & Emery, has entered the SEC vs. Coinbase lawsuit. However, he is not representing either party involved. Instead, Kennedy aims to represent The Chamber of Digital Commerce as a third-party amicus. The Chamber, along with the Blockchain Association, has been providing insights to influence the court’s opinion.
Who is Patrick V. Kennedy?
Patrick V. Kennedy is a lawyer at McDermott Will & Emery with expertise in digital asset regulation. As per a court filing, Kennedy seeks to offer his expertise on behalf of The Chamber of Digital Commerce. Their goal is to counter the SEC’s approach to regulation, arguing that the agency has been enforcing actions rather than establishing clear rules, which goes against the intentions of Congress.
The Chamber’s Noble Cause: Regulate, Don’t Strangle!
The Chamber of Digital Commerce’s primary objective is to challenge the SEC’s draconian approach to digital asset regulation. They believe that the SEC has been policing the crypto industry through enforcement actions instead of providing clear rules. The Chamber argues that Congress hasn’t granted the SEC the authority to regulate digital assets in such a manner.
Ripple and Grayscale Weigh In: SEC’s Credibility Waning?
Recent legal battles against Ripple and Grayscale have exposed the SEC’s weak understanding of what qualifies as a security in the crypto world. These losses have damaged the SEC’s credibility and raised concerns about their ability to regulate the digital asset industry effectively.
Coinbase is Bullish
Coinbase executives, Brian Armstrong and Paul Grewal, are optimistic about the lawsuit’s dismissal. They believe that the SEC is stifling crypto innovation in the United States and are confident in their chances. Additionally, legislators have expressed support for Coinbase and urged the court to reject the lawsuit.
Hot Take
Patrick V. Kennedy’s involvement in the SEC vs. Coinbase lawsuit brings an additional perspective to the ongoing battle. The Chamber of Digital Commerce’s efforts to challenge the SEC’s enforcement-focused approach highlight the need for clear regulations to support crypto innovation. With the SEC’s credibility already in question due to recent losses, the outcome of this lawsuit may have significant implications for the future of digital asset regulation in the United States.
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