CCI Files an Amicus Brief on SEC Seeking Response to Coinbase’s Petition

• An Amicus Brief is filed by CCI over the Securities and Exchange Commission.
• Sooner if clarity is not provided, the chances of moving to the EU or the UK are higher.

The Crypto Council for Innovation (CCI) has filed an amicus brief, a written argument over the U.S. SEC seeking a proper response to Coinbase firm. The reason for this is the failure of the U.S. Securities and Exchange Commission (U.S. SEC) to respond back to the petition raised by Coinbase. This is causing harm to the top American firms. 

Though receiving five rulemaking petitions from Coinbase over the past 5 years, SEC ignored responding for their Securities and Exchange Act clarity. So far, there is no proper approach initiation to rulemaking policies from SEC. By withholding the petition, SEC thwarts the regulation-by-enforcement actions awarding judicial review. 

Seeking Clarity From SEC 

Since the SEC lacks regulatory clarity, several U.S.-based organizations might shift their jurisdictions with the clarified frameworks to other countries possibly. Meanwhile, the countries like European Union (EU) and the United Kingdom (UK) work towards the active participation of technical leadership seeking foster innovation and safeguard market participants. To mention, the EU has cleared the ‘Markets in Crypto Act’ recently. 

Moreover, the developers have been trying hard with the digital asset economy and also seeking clarity over this. Whereas, there has created a fall from 40% to 29% in the global blockchain developer’s share, as the report says. This decrease has occurred since 2018 thereby a 2% market share loss happened per year. If the seeking clarity from SEC is provided then, the U.S. will get back to:

“encourage more innovation and foster growth,” and

“become an attractive destination for both new and established developers.”