On Thursday, the United States Chamber of Commerce expressed displeasure owing to the regulatory strategy embraced by the Securities and Exchanges Commission (SEC) towards the digital asset industry. It did so by filing an amicus brief to compel the independent federal agency to respond to the supposed ‘petition for rulemaking’ filed in July last year.
Chamber of Commerce Joins Coinbase to Demand Clarity in the Digital Assets Regulation
This petition requests SEC to suggest and embrace digital assets regulations and respond to regulation queries. Coinbase is privileged to have one of the biggest business organizations globally supporting it.
According to its website, the United States Chamber of Commerce plays a critical role in representing the interests of many organizations and businesses nationwide, including the biggest organizations to worldwide corporations.
SEC Accused of Propagating Uncertainty in Delaying Digital Asset Industry
Amicus briefs concern the legal documents provided to a court of law comprising data or advice linked to a case from an organization or individual without direct involvement.
The Securities and Exchanges Commission has been accused of deliberately propagating uncertainty to delay the digital asset industry. Specifically, it stated that the government agency has intentionally brought confusion by claiming sweeping authority over digital assets.
Further, it highlighted using a disorganized and enforcement-founded strategy, meaning that the regulatory confusion is by design rather than coincidence.
Coinbase does not request the court to compel the Securities and Exchange Commission (SEC) to embrace new digital asset policies. Instead, it only wants an answer it lawfully deserves within an appropriate time frame. The absence of this response has led to destabilizing the regulatory context concerning crypto.
SEC Serves Coinbase with Well Notice
Despite staking its brand on transparency and regulatory compliance, Coinbase was served a Well Notice in March. The Securities and Exchanges Commission cautioned that it would take action against the exchange.
Specifically, the federal agency claimed that the company comprises unregistered securities and even referenced other business sectors, for instance, Coinbase Wallet.
The agency was also accused of having a regulatory approach that goes against organizations’ rights to fair notice in which organizations should have adequate notice regarding what improper behavior entails before taking action against them.
US Chamber of Commerce Questions SEC Policy as a Road to Conflict
The United States Chamber of Commerce claimed that in addition to SEC’s actions being destructive policy, its failure to publicize the rules of the road conflict clashes with the right to due process.
The agency also asserts that counting on enforcement intervention to provide regulatory clarity causes harm. Specifically, it impacts the public’s capability to provide input regarding regulating digital assets.
The Chamber of Commerce wrote that proceeding with the enforcement would deny the public any chance to air opinions regarding the petitioning of Depression-era regulations. Besides, it also eliminates the public’s right to be heard.
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