Prominent and influential business organization the U.S. Chamber of Commerce has submitted a document in the Coinbase v. SEC case. The document alleges that the SEC has acted unlawfully with the digital asset industry and that this is causing regulatory uncertainty, which is impeding innovation. The chamber contends that the SEC is destabilizing the regulatory environment for digital assets and infringing on constitutional due process and fair notice rights. The Chamber of Commerce asserts that the SEC's actions are not only detrimental policy but also illegal, and the outcomes of the SEC's continued delay are significant for that purpose as well.
JUST ADDED to our Document Library:
— CryptoLaw (@CryptoLawUS) May 11, 2023
✅Amicus Brief by the @USChamber in Support of @Coinbase Writ of Mandamus Against the @SECGov on Regulatory Clarity for Crypto.
Link: https://t.co/AftVck73SN
The report was greeted with an endorsement from John Deaton, a legal practitioner and representative of XRP investors in a class action lawsuit against the SEC. He tweeted that XRP holders were the first to denounce the SEC's gross overreach, but it is plain that they are not the last. He also added that, even when the government's gross overreach is directed toward a project one dislikes, one must stand up against it.
The chamber's submission may have a profound impact on the regulatory environment for digital assets since it demonstrates support for the crypto industry from one of the most significant and influential business organizations in the United States. It could also lend more credibility to the assertions of crypto proponents against the SEC's regulatory overreach.
The case between Coinbase and the SEC has been closely monitored by the sector, and the chamber's submission introduces a new component to the conversation. As the industry continues to expand, regulators will need to discover a balance between safeguarding consumers and promoting innovation.
Yuri Molchan
Alex Dovbnya
