While Coinbase recently took legal action to compel the SEC to clarify its regulatory stance, the US Chamber of Commerce has lent its support to the cryptocurrency platform. It is the largest business federation in the world.
The US Chamber of Commerce teams up with Coinbase against the SEC
While Coinbase sued the Securities and Exchange Commission (SEC) at the end of April, the US Chamber of Commerce provided support for the cryptocurrency platform manifesting as amicus curiae in that case.
A amicus curiae is a person or entity not directly linked to a trial, but coming to provide testimony to advance the case. This is an important turning point, as the US Chamber of Commerce is the world’s largest non-profit organization in this sector. In effect, it claims 300,000 direct or indirect members.
Thus, in a 27-page document filed on May 9 with the United States Court of Appeals, she made a long incriminating argument against the SEC. In particular, we find quite explicit remarks, echoing the numerous reproaches that have already been made to the American financial policeman, and one of the extracts of which allows us to take full measure of it:
“This regulatory chaos is intentional and not accidental. The SEC has deliberately covered its tracks by claiming absolute authority over digital assets, deploying a haphazard, law enforcement-based approach. The Commission’s attempt to veto the Coinbase petition is just the latest example of its broader obfuscation strategy. »
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SEC measures are increasingly criticized
I’amicus curiae of the Chamber of Commerce directly concerns the petition that Coinbase had filed in July 2022, asking the SEC to clarify its position, in particular on cryptocurrencies which are financial securities or not.
According to our colleagues at CoinDesk, an American court would have given a period of 10 days to the SEC, from May 3, for it to provide said clarifications.
Note that if the financial policeman and his president Gary Gensler are often talked about with regard to the measures taken against the ecosystem of cryptocurrencies, these actions seem to be starting to bother across the Atlantic as we increasingly see.
Recall that just this week, Bittrex US declared bankruptcy due to this regulatory vagueness, and that for these same reasons, Jane Street and Jump Crypto have chosen to stop their cryptocurrency trading operations in the United States.
👉 Also in the news — For 30 minutes, the Ethereum (ETH) blockchain stopped finalizing blocks
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Source: US Chamber of Commerce
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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