The U.S. Chamber of Commerce has criticized the U.S. Securities and Exchange Commission (SEC) for its “arbitrary, enforcement-based approach” to regulating the U.S.-based cryptocurrency industry.
In an amicus brief filed with the U.S. Court of Appeals on May 9, the U.S. Chamber of Commerce sided with Coinbase, accusing the SEC of deliberately creating an unstable and uncertain environment for the companies. Cryptocurrencies operate in the country.
“The SEC is deliberately obfuscating the situation, claiming the ability to wipe out digital assets, while implementing a confusing, enforcement-based approach. This regulatory confusion is by design, not by accident.”
The name “Amicus brief” is derived from the Latin “friend of the court” and refers to advice or information provided by a third party that is not clearly related to a particular case.
Additionally, the Chamber urged the SEC to immediately respond to Coinbase’s April 25 complaint. The complaint aims to force the regulator to respond to “regulatory demands” and provide clearer regulatory guidelines for cryptocurrency companies operating in the country.
Amicus brief filed by the U.S. Chamber of Commerce
The complaint was filed after the cryptocurrency exchange received a notice from the SEC in March that the exchange had “possibly violated” U.S. securities laws.
Notably, Coinbase’s complaint does not ask the court to force the SEC to adopt new rules for cryptocurrencies. Instead, the exchange simply asked the committee to respond to their July petition, which they are legally entitled to receive within a “reasonable time.”
Addressing the issue directly, the Chamber said that the SEC’s “refusal” to respond to Coinbase or “if any rules are not followed” is not only harmful; in fact, it is illegal.
“The SEC’s action is not just harmful policy; it may be illegal; and for that reason, the SEC’s continued delays are just as serious.”
The chamber also criticized the regulator for not clearly answering the question of whether any of the approximately 20,000 digital assets that currently exist should be considered “securities.”
It emphasized that the answer to this question will have “tremendous ramifications” for “every participant” in the emerging $1 trillion digital asset economy.
“Notably, the SEC — despite claiming to be the primary regulator of digital assets — has refused to address this threshold.”
- The SEC appears to have gone too far in regulating cryptocurrencies
- Ripple Spent $200M In SEC Case – Charles Hoskinson Talks Conspiracy Theories
As reported by Cointelegraph