U.S. Chamber of Commerce joins forces with digital asset industry, criticizes SEC’s approach – Cryptopolitan

The U.S. Chamber of Commerce has taken a surprising stance, aligning itself with the digital industries in a dramatic twist. This unexpected decision significantly shifts their position and demonstrates their newfound support for the technology sector.

The U.S. Chamber, one of the country’s most prominent business advocacy groups, has taken a bold step within the digital currency sector and criticized the Securities and Exchange Commission’s (SEC) approach to ether, Coinbase, Kraken, and the broader digital asset industry.

The Chamber’s move has caused a stir within the U.S. cryptocurrency and digital economy communities. The Chamber’s stance demonstrates its commitment to supporting the growth and development of the digital asset industry in the U.S. 

In a bid to advocate for the cryptocurrency industry, the U.S. Commerce Chamber has thrown its weight behind Coinbase. This comes from the ongoing legal battle between the exchange and the SEC regarding regulating cryptocurrencies.

In a recent blog post, Paul Grewal, the brilliant mind serving as the Chief Legal Officer at Coinbase, courageously tackled a pressing matter. With unwavering determination, Coinbase took a decisive step by initiating legal action in federal court. Their objective was to compel the Securities and Exchange Commission to deliver a definitive response to their petition in July 2022.

The exchange complained about receiving a letter from the SEC in March. This letter, commonly called the Wells notice, serves as a communication from the regulatory body to individuals or firms under investigation, indicating the SEC’s intention to initiate an enforcement action against them.

Moreover, the Chamber of Commerce has urged the SEC to address Coinbase’s complaint from April 25 promptly. Coinbase seeks to compel the regulator to respond to its “petition for rulemaking” and offer more precise regulatory guidelines for crypto firms operating in the country.

The Chamber of Commerce is one of many groups that have supported legal support for the Coinbase exchange. Recently Paradigm, which is a cryptocurrency firm which is headed by Fred Ehrsam, who is one of the Co-founders at Coinbase, filed another amicus brief in which it supported Coinbase on this legal battle and also claimed that the SEC action on the digital assets industry has “crippled a nascent industry.”