Summary of the Article
- The American Revolution’s fight for freedom is similar to cryptocurrency’s fight against the US Securities and Exchange Commission (SEC).
- Coinbase has responded to the SEC lawsuit with a declaration that relies on the major questions doctrine.
- The Supreme Court has underscored the importance of this doctrine in landmark cases, making it difficult for agencies like the SEC to make laws without explicit authorization from Congress.
Cryptocurrency’s Fight Against The SEC
When the leaders of the American Revolution signed the Declaration of Independence on July 4, 1776, they had no guarantee of victory. The battle for independence was underway, and their prospects were uncertain. Despite occasional victories, these audacious freedom fighters were grossly outnumbered and had difficulty retaining volunteer soldiers. Their commitment to the cause of freedom was their only fighting chance. Cryptocurrency as an open-source software industry is in a similar predicament. The United States Securities and Exchange Commission and banking regulators are trying to dismantle this budding industry, brandishing lawsuits and an intimidating array of regulatory measures designed to make compliance impossible.
The Major Questions Doctrine
Crypto’s fighting chance is embedded within the very words and legal principles put forth by America’s founders in the Constitution. They designed it based on separation of powers inspired by Enlightenment ideals – three separate but coequal branches of government each acting as a safeguard against potential abuse of power by others. Coinbase stands at forefront in modern cryptocurrency battlefield as it faces off against a lawsuit brought by SEC. In response, Coinbase delivered a declaration relying on major questions doctrine – a legal principle that holds agencies like SEC accountable when they manipulate statutes without explicit authorization from Congress.