The ongoing battle between the U.S. Securities and Exchange Commission (SEC) and Binance, a global cryptocurrency exchange, has received vocal support from the U.S. Chamber of Digital Commerce, a prominent crypto advocacy group.
In an amicus brief filed on Oct. 19, the organization asserted that the SEC’s actions against Binance’s U.S. operations are akin to “suing the equivalent of a grocery store selling oranges and other fruit.”
SEC’s understanding is flawed
The Chamber’s brief reflects growing concerns within the cryptocurrency industry that the SEC’s regulatory stance is stifling financial innovation and driving crypto startups away from the United States. The group further contends that the SEC’s understanding of crypto assets is fundamentally flawed.
The Chamber stated in the filing:
“Tokens alone are not securities, and the markets where they are available to buy and sell are not securities exchanges.”
Under the leadership of Chairman Gary Gensler, the SEC has initiated numerous enforcement actions against digital asset companies, including some of the largest cryptocurrency exchanges globally, such as Binance, Coinbase, and Kraken.
The alleged violations include offering unregistered staking-as-a-service products and listing coins potentially violating securities laws. These exchanges have countered these claims by arguing that the SEC has not provided clear guidelines regarding which cryptocurrencies qualify as securities.
Misclassification
The lobbying group has criticized the SEC’s approach, claiming it fails to distinguish between “the subject of an investment-contract security” and “the
Go to Source to See Full Article
Author: Assad Jafri
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
