The US Chamber of Commerce, one of the largest and most influential business organizations in the US, has issued a statement to support Coinbase in its legal fight with the Securities and Exchange Commission (SEC) over the regulation of digital assets.
US Chamber of Commerce Calls SEC's Actions Against Cryptocurrency Industry Unlawful
Representing companies from all industries and sectors, not just cryptocurrencies, the Chamber accused the SEC of acting "unlawfully" in the digital asset space and generating regulatory uncertainty that hinders innovation and investment.
The US Chamber of Commerce's statement begins with a striking statement:
"As it stands today, no one knows for sure which digital assets, if any, are 'security' under federal law."
The Chamber of Commerce then put forward three arguments to support its position:
- First, he argued that the lack of clarity and guidance on how the SEC applies securities laws to digital assets is hurting US businesses and consumers who want to engage in this emerging technology.
- Second, he argued that the SEC's enforcement actions and threats against Coinbase and other digital asset platforms destabilized the regulatory environment and created confusion and fear among market participants.
- Third, he argued that the SEC's approach violated Constitutional due process and fair notification rights, as it did not provide clear and consistent rules that digital asset issuers and platforms must follow.
The US Chamber of Commerce concluded its statement as follows:
"The SEC's actions are not only harmful policy, they are also unlawful."
*Not investment advice.
