Chamber of Digital Commerce Intervenes Coinbase Vs US SEC
Multiple associations and industry bodies have filed amicus curiae briefs in support of Coinbase in the ongoing lawsuit against the US Securities and Exchange Commission (SEC). The latest addition to this list is the Chamber of Digital Commerce, which has filed an appearance in favor of Coinbase. The Chamber of Digital Commerce aims to put an end to the SEC’s regulatory overreach and aggressive enforcement actions that stifle digital asset innovation. It argues that the SEC lacks the authority to regulate the industry without clear guidance or legislation from Congress. In addition to the Chamber of Digital Commerce, other organizations such as the Blockchain Association and Crypto Council for Innovation have also filed briefs in support of Coinbase.
Coinbase Requests Dismissal of Lawsuit
Coinbase has filed a motion to dismiss the SEC lawsuit, claiming that the regulator is acting outside of its jurisdiction and oversight. The outcome of this lawsuit is crucial for the crypto industry, as Coinbase is the largest regulated exchange and serves as a surveillance-sharing partner for multiple Bitcoin ETFs. In pre-market hours on August 23, the stock price of Coinbase (COIN) jumped by 1.17% to $75.78.
Hot Take
The intervention of multiple associations and industry bodies in support of Coinbase showcases the widespread concern over the SEC’s regulatory overreach. The crypto industry is advocating for clear guidance and legislation to foster innovation, rather than stifling it with aggressive enforcement actions. The outcome of this lawsuit will have significant implications for the future of the industry and regulatory oversight.
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