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Cryptocurrency markets are in a difficult situation due to the uncertain regulatory stance of the US SEC, and it is possible to change it. Negotiations have not worked. The Coinbase exchange has contacted the SEC more than 40 times, but it hasn’t learned what it wants. And there’s only one thing left. That’s to fight, and now Coinbase is making powerful allies in doing so.
Coinbase Case Significant Development
As Coinbase tries to force the Securities and Exchange Commission to provide an answer on digital assets regulation, crypto groups and the Chamber of Commerce have stepped in. The Coinbase exchange had filed a lawsuit challenging the SEC on regulatory clarity. However, the SEC sent a Wells notice to the Coinbase exchange, informing it that it would sue it for unregistered securities trading.
Now leading US institutions are expressing their support for the Coinbase exchange. They are doing so by filing amicus briefs in the case. Amicus briefs, or amicus briefs, tell one of the parties in the case why the relevant institutions are in favor.
In a series of “amicus” briefs filed this week, several crypto groups joined the US-based exchange as they collectively insisted that the SEC is deliberately ruining the young industry by insisting that there is nothing different or special about crypto that warrants different treatment under securities laws.
Coinbase Case Amicus Briefs
The U.S. Court of Appeals for the Third Circuit on Thursday granted the petition of various groups to join the case.
A statement from Paradigm, a firm that invests in digital asset businesses, read;
“The digital asset industry is stuck in limbo, simultaneously being told to ‘come and register’ but with no effective way to do so. It is no surprise that the SEC’s actions have paralyzed an emerging industry and created confusion among countless firms that cannot comply with the SEC’s view of the law or challenge it in court.”
Even the US Chamber of Commerce, the largest organization lobbying on behalf of US business interests, criticized the SEC’s conduct.
“No one knows for sure which digital assets, if any, are ‘securities’ under federal law. This is not a small question. This has enormous implications for everyone involved in the $1 trillion digital asset economy and is a critical issue”.
The US Chamber of Commerce also listed 3 key items;
– Regulatory uncertainty is killing innovation in the US.
– The SEC is destabilizing the regulatory environment for digital assets.
– The SEC violates Constitutional Due Process and Fair Notice rights.
The support of the U.S. Chamber of Commerce, in particular, will greatly strengthen the hand of Coinbase and the broader crypto ecosystem in terms of the course of the case.
The Crypto Council for Innovation also wrote;
“We think the SEC’s aggressive attitude towards those trying to comply undermines investors’ ability to distinguish good organizations from bad ones, as they are painted with the same brush by the SEC.”
