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Breaking: Amicus Curiae Appearance Filed In Coinbase Vs US SEC Lawsuit

The Chamber of Digital Commerce files amicus curiae appearance in the Coinbase vs SEC lawsuit in support of the crypto exchange.
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Breaking: Amicus Curiae Appearance Filed In Coinbase Vs US SEC Lawsuit

Multiple associations, industry bodies, and crypto asset policy leaders have filed amicus curiae briefs in the Coinbase vs US Securities and Exchange Commission (SEC) lawsuit in favor of crypto exchange Coinbase. In the latest development, an amicus curiae appearance is entered by the Chamber of Digital Commerce against the SEC’s regulatory overreach.

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Chamber of Digital Commerce Intervenes Coinbase Vs US SEC

Brianna A. Perez, attorney at McDermott Will & Emery, has filed an amicus curiae appearance on behalf of the Chamber of Digital Commerce on August 22.

The Chamber of Digital Commerce seeks to end the SEC’s attempt to regulate the industry by aggressive enforcement actions as opposed to clear guidance, laws, or regulations. The Chamber of Digital Commerce alleges that the SEC inappropriately suppressing digital asset innovation in the US. Also, it requests the court to dismiss the lawsuit amid considering digital asset legislation by the U.S. Congress.

In addition, the Congress hasn’t given the SEC authority to regulate the digital asset industry or classify most as securities without any clarity.

Recently, the Blockchain Association, Crypto Council for Innovation, Chamber of Progress, Consumer Technology Association, Andreessen Horowitz, Paradigm, and Senator Cynthia M. Lummis filed amicus curiae briefs in support of Coinbase.

Coinbase has filed a motion requesting the judge to dismiss the lawsuit by the US SEC. It claims that the regulator acts outside its regulatory jurisdiction and oversight. Coinbase lawsuit is key for the crypto industry as it’s the largest regulated exchange and multiple Bitcoin ETFs mentioned Coinbase as their surveillance-sharing partner.

COIN stock price jumps 1.17% to $75.78 in pre-market hours on Wednesday, August 23.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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