The Binance v. U.S. SEC Lawsuit Supported by Chamber of Digital Commerce
The Binance v. U.S. SEC lawsuit is gaining support from various entities within the digital asset industry, including the Chamber of Digital Commerce, other associations, businesses, law firms, and legislators. The world’s largest trade group for blockchain technology is opposing the SEC’s attempt to regulate the cryptocurrency business without proper authorization from the US Congress.
Court Ruling of 19th October
During the court ruling on October 19th, the Chamber of Digital Commerce submitted an amicus brief in favor of the defendants in the SEC lawsuit, namely CEO Changpeng “CZ” Zhao and Binance, Binance.US, and other defendants. The Chamber argues that the SEC’s regulatory efforts without Congressional approval set a worrisome precedent for innovation and technological advancements.
Amicus Brief Filed By Chamber of Digital Commerce
The Chamber’s amicus brief emphasizes the importance of fair and transparent regulations that foster growth and protect investors in the rapidly evolving cryptocurrency market. Cody Carbone, VP of Policy at the Chamber of Digital Commerce, criticizes the SEC for trying to regulate the entire digital asset ecosystem through enforcement actions instead of issuing guidance or engaging in collaborative rulemaking.
Chamber Of Digital Commerce Criticizes SEC’s Regulatory Approach
The Chamber of Digital Commerce criticizes the SEC’s regulatory approach, which labels digital assets as securities and stifles innovation through enforcement operations. This hampers growth in the US digital asset market and puts the country at a disadvantage in attracting investment and fostering technological advancements.
The Chamber urges the SEC to adopt a more proactive and collaborative approach that promotes responsible innovation while ensuring investor protection. Additionally, they highlight that the SEC lacks authorization from Congress to regulate all digital assets as securities, posing a risk to the sector and its stakeholders.
Binance.US Criticizes the SEC
Binance.US, along with Binance Holdings and CEO CZ, has filed a motion to dismiss the case, arguing that the SEC exceeded its authority. Binance.US also finds the SEC’s recent requests for document discovery and depositions unreasonable. While Binance.US is cooperating to some extent with the SEC, they maintain that the regulatory body is overstepping its boundaries.
The court will determine how to respond to Binance.US’s motion to dismiss and whether the SEC’s requests for document discovery and depositions are reasonable.
Hot Take: Chamber of Digital Commerce Stands Against SEC Overreach
The Chamber of Digital Commerce’s support for the defendants in the Binance v. U.S. SEC lawsuit highlights their commitment to fair and collaborative regulation in the cryptocurrency industry. They criticize the SEC for its enforcement-focused approach, stifling innovation and driving companies away from the United States.
By opposing the SEC’s attempt to regulate without proper authorization from Congress, the Chamber advocates for a proactive and responsible regulatory framework that balances innovation and investor protection. The outcome of this lawsuit will have significant implications for the future of cryptocurrency regulation in the United States.
By
By
By
