U.S Chamber of Commerce Backs Coinbase in SEC Tussle

• The Chamber of Commerce has filed an Amicus Brief in support of Coinbase’s writ.
• In its brief, the Chamber presented three compelling points.

The U.S. Chamber of Commerce has come out in favor of Coinbase, the largest cryptocurrency exchange in the United States, in its efforts to clarify regulations from the Securities and Exchange Commission (SEC).

The Chamber of Commerce, according to court documents, has filed an Amicus Brief in support of Coinbase’s writ of Mandamus against the SEC. The organization has accused the SEC of behaving “unlawfully” in the area of digital assets.

The U.S. Chamber of Commerce, which filed this, bills itself as “the world’s largest business federation.” Its direct membership numbers are over 300,000, while its indirect membership numbers are over 3 million enterprises and professions.

Three Compelling Points

According to the documents, the members of the parliament are quite keen on having crypto regulations clarified. However, among its many participants are businesses that are regulated by U.S. securities laws and might be impacted by the SEC’s continued stance on the cryptocurrency market.

In its brief, the Chamber presented three compelling points. First, it said that the lack of clarity from regulators is stifling innovation in the nation.

To add insult to injury, the SEC is causing regulatory uncertainty in the digital asset market. Finally, the SEC’s role as a watchdog is breaching citizens’ Due Process and Fair Notice protections under the Constitution.

It was noted that the Coinbase petition from July 2022 seeking to begin regulation regarding crypto assets as securities have been ignored. The SEC has indicated that it has no intention of responding. On the other hand, the head of the commission has said that regulations regarding blockchain-based digital assets are clear.

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