Cynthia Lummis slammed the American securities regulatory body over lawsuit actions against the publicly traded crypto firm Coinbase.
Cynthia Lummis is a popular US senator from Wyoming. Lummis is also a Bitcoin holder. She also advises people to have Bitcoin in their retirement saving fund account. To support the crypto sector, she also developed a crypto-dedicated regulatory framework with a few other US lawmakers, but waiting for regulatory approval.
Recently Cynthia appeared in an interview with Yahoo Finance and there she talked about the regulatory actions taken by the United States Securities Exchange Commission (SEC) against crypto companies.
Cynthia said that she is not able to understand why the SEC body sued the Coinbase exchange, while Coinbase already intended to provide services under the regulatory environment of the securities body and also approached the SEC staff several times to get clarity on the rules & regulations.
“That’s not a good way to regulate; that’s not a good way to do business,” Cynthia Lummis said.
The US senator also talked about the SEC’s suit against the BinanceUS exchange and said that she was able to understand, to some degree, why the SEC body charged BinanceUS.
SEC’s suits against Coinbase & Binance
Nearly three weeks ago, the SEC agency sued Binance’s independent American subsidiary BinanceUS, and American public crypto exchange Coinbase.
The SEC’s suit alleged that Coinbase violated securities laws, as the platform offered trading of several ‘security’ crypto tokens.
While the SEC agency initiated charges against BinanceUS over not only providing security crypto token offerings but also for its deep link with Binance exchange & unsafe customer funds transactions.
In the present time, BinanceUS is continuously hiring high profile legal experts to fight against the SEC body in court. While Coinbase’s legal team is doing work with cool minds, & also Coinbase Exchange confirmed that it will not bring any changes in its services because it will win in the case on behalf of laws & facts.
Read also: ECB official says crypto’s future is only in gambling
US senator says I’m scratching my head about why the SEC sued Coinbase
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