US Senator Lummis submitted a friend of the court statement, stating that the SEC under Gary Gensler's leadership "does not conform to the spirit of America"

According to a report by Golden Finance, Republican Senator Cynthia Lummis, a supporter of cryptocurrency, accused the US Securities and Exchange Commission led by former chairman Gary Gensler of undermining lawmakers' regulatory efforts on cryptocurrency. Lummis has submitted a 29 page amicus curiae statement to the US Second Circuit Court of Appeals, related to the case in which the US Securities and Exchange Commission (SEC) sued Coinbase, alleging that the exchange was not legally registered. Lummis stated, "During the Biden administration, the SEC's approach was to actively reinterpret the case law governing Howe's rules and investment contracts, keep these interpretations confidential, and then require digital asset exchanges to comply with the regulations. This approach is not in line with the spirit of the United States. The responsibility of Congress is to provide a legislative framework that clearly delineates the boundaries between securities and commodities