The US Chamber of Digital Commerce, a crypto advocacy group, is backing Binance in its fight against the U.S. Securities and Exchange Commission, which charged the crypto exchange’s American affiliate with various securities violations earlier this year.

In an amicus brief filed Thursday, the group said the SEC is stifling financial innovation and driving crypto startups offshore by creating a hostile regulatory environment within the United States. What’s more, the group says the SEC has got its analysis of crypto assets totally wrong.

In filing a lawsuit against Binance, “the SEC is suing the equivalent of a grocery store selling oranges and other fruit, or an online e-commerce marketplace, like Amazon,” the group wrote. “Tokens alone are not securities, and the markets where they are available to buy and sell are not securities exchanges.”

Since Gary Gensler assumed his position as chair of the SEC, the Commission has levied dozens of enforcement actions against digital asset companies. This year, some of those names included the largest cryptocurrency exchanges in the world, such as Binance, Coinbase, and Kraken. 

Alleged violations include offering unregistered staking-as-a-service products, and listing coins on their platforms that violate securities laws. Go to Source to See Full Article
Author: Andrew Throuvalas

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