The Securities and Exchange Commission is under fire due to a brief filed by the US Chamber of Commerce in regard to its actions against the crypto companies. The Chamber of Commerce which represents some of the world’s largest business federations and around 3000 countrywide businesses, has a significant impact on all crypto-related platforms. It has expressed its disappointment in the SEC vs Coinbase case, criticizing SEC in the process. The chamber has repeatedly expressed its role in putting forth and protecting its members’ interests before Congress, federal courts and even the executives.
It starts off by highlighting the lack of clarity and soundness in the definition surrounding digital assets and their classification as “securities”. The digital asset community has to face the brunt of it according to the Chamber which is a $1 trillion industry. It further goes on to say that the SEC has failed to guide the firms despite the huge size and reach of the crypto market. SEC’s refusal of rule-making, according to the chamber, could undermine the due process of administrative law and hamper sound governance.
In a series of arguments put forth by the Chamber, it highlights three points of contention, starting with SEC’s regulatory uncertainty, which has the potential to stifle innovations in the country, its actions destabilize the regulatory environment of the digital assets, which in turn could create an unpredictable landscape for crypto businesses, and finally, the Chamber argues that the SEC is in violation of the due process of the Constitution and impedes fair trial.
The Crypto community looks at the involvement of the chamber as a critical juncture in the case of SEC vs Coinbase and that it patiently awaits the outcome of the case as it could drastically change the future of digital asset space. The Chamber strongly asserts that the actions taken by the SEC are both detrimental and illegal. It maintains that the absence of clear legal guidelines obstructs productive behavior and hampers progress.