Can Coinbase Drag US SEC To Provide Clear Crypto Rules After This?
Coinbase News: Coinbase Global Inc (NASDAQ: COIN), the U.S. biggest crypto exchange has gained the support of the U.S. Chamber of Commerce in the fight to gain regulatory clarity from the Securities and Exchange Commission (SEC).
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Coinbase Gains Upper Hand Against US SEC
As per the court filings, the U.S. Chamber of Commerce has submitted Amicus Brief in support of Coinbase’s writ of Mandamus against the SEC. The group has called out the SEC for acting “unlawfully” in the digital asset ecosystem.
This filing becomes important a the U.S. Chamber of Commerce claims to be the world’s largest business federation. It approximately represents 300k direct members, while it indirectly represents the interests of over 3 million businesses and professionals.
The filings mentioned the chamber’s members hold a strong interest in regulatory clarity around the crypto. However, its several members are companies that are subject to U.S Securities laws that may be affected by the commission’s ongoing approach to the crypto market.
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The Chamber had raised three very important arguments in the brief. First, it mentioned that Regulatory uncertainty is killing innovation in the country. Second, the SEC is destabilizing the digital assets regulatory environment. Third, the watchdog is SEC is violating Constitutional Due Process and Fair Notice rights.
However, the Chamber in a statement declared that the SEC’s actions are not harmful policy, they are unlawful and the consequence of the commission’s regular delay are severe that reason too.
It mentioned that the Coinbase petition filed back in July 2022 to initiate a rulemaking around crypto assets securities has gone unaddressed. The SEC has expressed no interest to answer the request. Meanwhile, the commission’s chair asserted that the laws are unambiguous as applied blockchain based digital assets.
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