Venture capital firm Paradigm has accused the United States Securities and Exchange Commission (SEC) of exceeding its jurisdiction in its regulation of cryptocurrencies. The firm detailed its arguments in an amicus brief as part of the lawsuit between the SEC and cryptocurrency exchange Binance.
“Regulatory gaps exist in crypto, as the Chair himself has acknowledged in the past—only Congress can and should fill those gaps, not the SEC,” the statement noted.
Paradigm Accuses SEC of Overstepping Boundaries
Paradigm raised concerns about the SEC’s approach to crypto in an amicus brief filed in the US SEC’s lawsuit against Binance.
It highlights the potential for the SEC’s strict approach to crypto to impact other asset markets.
“That extraordinary and overreaching construction of the Securities Laws threatens the development of crypto technology in the United States and could destabilize other significant markets that are widely understood to be outside the SEC’s jurisdiction.”
In the amicus brief, Paradigm notes that it has an interest in ensuring that the Securities Laws are interpreted correctly. It clarifies its intention to ensure impartiality and make sure that the SEC doesn’t overstep its jurisdiction.
“Here, and in other cases, the SEC has acted in excess of its statutory authority.”
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Author: Ciaran Lyons
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