New Attorney, Patrick V. Kennedy Joins in Coinbase vs. SEC Lawsuit

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Attorney Patrick V. Kennedy has decided to step in the SEC vs. Coinbase lawsuit. Kennedy isn’t coming in to play for Team Coinbase or Team SEC, though. Kennedy aims to represent The Chamber of Digital Commerce, a third-party amicus in the lawsuit.

Who is Patrick V. Kennedy?

Patrick V. Kennedy, a lawyer at McDermott Will & Emery, isn’t just any attorney. According to a court filing dated August 31, Kennedy seeks to offer his expertise on behalf of The Chamber of Digital Commerce. This entity, alongside the Blockchain Association, has been providing key insights and perspectives in the Coinbase Vs. SEC lawsuit, with the intent to sway the court’s opinion.

The Chamber’s Noble Cause: Regulate, Don’t Strangle!

The Chamber of Digital Commerce is stepping into the ring with a crystal-clear agenda: to counter the SEC’s often draconian approach to digital asset regulation. Their argument? The SEC has been policing the crypto industry through enforcement actions rather than clear rules—actions that go against even the intentions of both chambers of the U.S. Congress. Yes, you read that right! Congress itself has not granted the SEC the authority to regulate digital assets in such a way.

Ripple and Grayscale Weigh In: SEC’s Credibility Waning?

While Kennedy’s entry certainly spices things up, let’s not forget the recent legal battles the SEC has lost. Rulings in cases against Ripple and Grayscale have shown that the SEC’s grasp of what qualifies as a security in the crypto world is very weak. These courtroom losses chip away at the SEC’s already shaky credibility, begging the question: Is the agency fit to regulate the digital asset industry?

Coinbase is Bullish

Adding to the SEC’s woes, Coinbase execs Brian Armstrong and Paul Grewal are pretty bullish about their chances. They see the lawsuit’s dismissal as inevitable, arguing that the SEC is smothering crypto innovation in the U.S. Moreover, legislators have joined the chorus, urging the court to kick the lawsuit to the curb.