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Chamber Of Digital Commerce And Binance Prepare For Win Against US SEC

Chamber of Digital Commerce files an amicus brief in support of Binance, Binance.US, and CEO Changpeng "CZ" Zhao to dismiss the SEC lawsuit.
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Chamber Of Digital Commerce And Binance Prepare For Win Against US SEC

The Chamber of Digital Commerce joins other digital assets companies and associations, law firms, and lawmakers to dismiss the Binance vs U.S. SEC lawsuit. The world’s leading blockchain trade association aims to end the SEC’s attempt to regulate the crypto industry without authority from the U.S. Congress, stopping the SEC’s regulation by enforcement approach.

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Chamber of Digital Commerce Files Amicus Brief In Binance Vs SEC

The Chamber of Digital Commerce filed an amicus brief in support of defendants Binance, Binance.US, and CEO Changpeng “CZ” Zhao to dismiss the SEC lawsuit, as per a court filing late October 19.

Cody Carbone, VP of policy at the Chamber of Digital Commerce, said:

“The SEC continues to try to regulate the entire digital asset ecosystem through enforcement actions, instead of issuing guidance or going through the proper notice and comment rulemaking channels. The enforcement actions are paralyzing the market and sending digital asset innovation overseas.”

The Chamber of Digital Commerce argues the SEC is using the regulation-by-enforcement approach to categorize digital assets as securities and penalize crypto businesses. The SEC’s approach stifles innovation and forces crypto firms to move overseas.

In addition, the SEC does not have the authority to regulate all digital assets as securities from the U.S. Congress. While the legislative bodies seek to regulatory framework, the SEC’s actions put the industry and its stakeholders at risk.

The Chamber of Digital Commerce urges the court to dismiss the lawsuit on claims including the SEC acting outside jurisdiction, assets are not investment contracts, and tokens transactions do not fall under the Exchange Act Registration requirements.

Read More: Binance Hires Another Key Attorney In The SEC Lawsuit

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Binance.US Challenges SEC

Binance.US, with Binance Holdings and CEO CZ, filed a request to dismiss the lawsuit claiming the SEC’s overstepped its jurisdiction. Binance.US recently said the SEC’s latest requests regarding document discovery and depositions are “unreasonable”.

BAM Management US Holdings and BAM Trading Services (Binance.US) filed a motion for leave to submit documents under seal. While the details remain sealed, it seems Binance.US is sharing the remaining documents with the SEC.

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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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