The US Chamber of Commerce denounces the SEC’s treatment of the cryptocurrency industry in a significant statement.
In a show of support, the US Chamber of Commerce, a prominent and influential business organization in the United States, releases a statement backing Coinbase in its legal battle against the Securities and Exchange Commission (SEC) regarding the regulatory framework for digital assets.
The US Chamber of Commerce declares the SEC’s actions against the cryptocurrency industry as unlawful.
The Chamber, representing diverse industries and sectors beyond cryptocurrencies, accuses the SEC of “unlawful” actions in the digital asset domain, citing regulatory uncertainty that stifles innovation and investment.
The US Chamber of Commerce’s statement opens with a bold assertion:
“In the current landscape, the classification of digital assets as ‘securities’ under federal law remains uncertain.”
To bolster its stance, the Chamber of Commerce presented three compelling arguments:
- The Chamber of Commerce’s primary argument asserts that the absence of clear guidance from the SEC regarding the application of securities laws to digital assets is negatively impacting both American businesses and consumers who seek to participate in this evolving technology.
- The second argument put forth by the Chamber of Commerce highlights that the SEC’s enforcement actions and threats directed at Coinbase and other digital asset platforms have disrupted the regulatory landscape, resulting in uncertainty, confusion, and apprehension among market participants.
- The third point emphasized by the Chamber of Commerce asserts that the SEC’s approach infringes upon Constitutional due process and fair notification rights, as it fails to establish clear and consistent rules for digital asset issuers and platforms to adhere to.
In conclusion, the US Chamber of Commerce’s statement concludes with the following remarks:
The SEC’s actions are not only harmful policy, they are also unlawful.”
