Attorney Patrick V. Kennedy from McDermott Will & Emery has filed a motion to represent the Chamber of Digital Commerce in the Coinbase vs. U.S. SEC lawsuit. Kennedy aims to halt the SEC’s efforts to regulate the digital asset sector and believes that Congress should be responsible for crafting cryptocurrency regulations. Coinbase executives and lawmakers are optimistic about the lawsuit’s dismissal and have criticized the SEC’s lack of clarity in distinguishing which cryptocurrencies qualify as securities. The SEC’s credibility has been questioned, and its postponement of decisions on Bitcoin ETFs may lead to financial losses for investors.
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