The U.S. Chamber of Commerce supports Coinbase’s efforts to obtain regulatory guidance for crypto assets from the U.S. Securities and Exchange Commission (SEC).
The largest U.S. crypto exchange filed a motion in court in April to compel the SEC to respond to an earlier petition from the company seeking guidance for the digital asset industry.
Coinbase first filed the regulatory petition last July, but has yet to hear a “yes” or “no” response to the request.
This week, the Chamber of Commerce filed a legal document known as an amicus brief supporting Coinbase’s petition. The Chamber says the SEC’s regulatory approach to crypto has undermined the “basic principles of due process, administrative law and good governance.”
“As it stands, no one knows for sure which digital assets, if any, are ‘securities’ under federal law. That’s no small question. It has huge implications for every person involved in the $1 trillion digital asset economy, and it is the regulatory threshold from which all others emerge.
But remarkably, the US Securities and Exchange Commission – despite declaring itself the primary regulator of digital assets – has refused to resolve this threshold issue. The Commission has instead offered a series of one-off enforcement actions, supplemented by public speeches and other statements that one Commissioner broadly described as ‘confusing, unhelpful and inconsistent’. And it has refused to participate in any regulatory or other systematic process to explain what its purported authority means.
In March, the SEC sent a Wells Notice to Coinbase, saying they had made a “preliminary decision” to recommend filing an enforcement action against the crypto exchange for allegedly violating securities laws.
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