The United States Chamber of Commerce has filed a brief criticizing the Securities and Exchange Commission’s (SEC) actions against crypto companies.
1/ BREAKING: The U.S. Chamber of Commerce has just filed a brief in the @Coinbase v. SEC case, calling out the SEC for acting “unlawfully” in the digital asset space.
This is The U.S. Chamber of Commerce–not the Chamber of Digital Commerce.
This is a Big Deal.
Here’s why…
— MetaLawMan (@MetaLawMan) May 11, 2023
The Chamber of Commerce Criticizes The SEC
The Chamber of Commerce is the world’s largest business federation, representing around 3,000 businesses in the country.
While it has a broad membership across various industries, its involvement in the Coinbase vs. SEC case reflects the significant impact of the regulator’s approach to digital assets and companies under the United States securities laws.
In the brief, the Chamber emphasizes its role in representing the interests of its members before Congress, the Executive Branch, and federal courts. It regularly files amicus curiae briefs in cases that raise issues of concern to the business community.
Their filing starts by highlighting the lack of clarity surrounding digital assets and their classification as “securities” under federal law. This uncertainty has far-reaching implications for the digital asset economy valued at over $1 trillion.
Despite the size of the crypto markets and its future valuation, the SEC has failed to guide firms. Instead, it continues issuing enforcement actions and confusing and inconsistent public statements.
The Chamber argues that the SEC’s refusal to engage in rulemaking or establish a systematic process undermines due process, administrative law, and good governance.
Key Arguments
The Cham
Go to Source to See Full Article
Author: Dalmas Ngetich
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