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Crypto trade association Chamber of Digital Commerce takes action against the U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler for its “regulation by enforcement” campaign threatening the U.S. digital assets market and investors.
In order to prevent the SEC’s crypto crackdown in the U.S., the Chamber of Digital Commerce filed an amicus brief in the SEC v. Wahi, arguing that the case unfairly labeled several crypto assets as securities.
“Chamber of Digital Commerce, with help from Winston & Strawn LLP, filed an amicus brief in SEC v. Wahi. This case should be dismissed as it represents an unprecedented expansion of the SEC’s campaign of regulation through enforcement.”
According to an official announcement, the Chamber of Digital Commerce filed an amicus brief in the United States District Court for the Western District of Washington seeking to dismiss the SEC v. Wahi case and put an end to the SEC’s attempt at “back door” rulemaking.
The Chamber of Digital Commerce questions the scope of the SEC’s jurisdiction over crypto assets. Also, whether
secondary market trades of crypto assets should be considered “securities transactions” within the Securities Act of 1933 and the Securities Exchange Act of 1934.
Despite lacking rulemaking authority and waiting for crypto regulations to pass by the U.S. Congress, the SEC and other regulators have proceeded with lawsuits and enforcement activity.
Commenting on the SEC v. Wahi case, Perianne Boring, Founder and CEO of the Chamber of Digital Commerce, said:
“This case represents a stealthy, yet dramatic and unprecedented effort to expand the SEC’s jurisdiction reach and threatens the health and viability of the U.S. marketplace for digital assets.”
Pushback Against US SEC’s Action Against Crypto Market
U.S. regulators such as the SEC have started a regulatory crackdown campaign against the crypto market in the U.S. However, several crypto leaders such as Coinbase and Paxos, and now the Chamber of Digital Commerce have agreed to fight against the SEC’s forced jurisdiction over crypto.
Meanwhile, Ripple and Grayscale also have lawsuits against the SEC, which are believed to end in the next quarter. Grayscale asserts they have a strong case against the SEC for converting GBTC to a spot Bitcoin ETF.
Also Read: Hidden Agenda Behind SEC’s Crypto Custodian Shake Up
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