The Chamber of Digital Commerce Joins Effort to Challenge SEC Lawsuit Against Binance
The Chamber of Digital Commerce, a US-based advocacy group, has filed an amicus brief in support of Binance to challenge the lawsuit brought by the Securities and Exchange Commission (SEC). The group argues that the SEC is attempting to regulate the cryptocurrency industry without proper authorization from Congress. The Chamber of Digital Commerce contends that digital assets do not meet the criteria for Exchange Act registration requirements and should not be considered securities. They state that tokens available for trading on exchanges are not contracts or transactions that grant holders profit rights. Instead, these tokens serve various purposes within blockchain networks. This comes after Binance and its CEO, Changpeng Zhao, argued in a filing that the SEC had exceeded its jurisdiction in the lawsuit.
Tokens Are Not Securities, Says Chamber of Digital Commerce
The Chamber of Digital Commerce has filed an amicus brief in support of Binance in its lawsuit against the SEC. The group argues that tokens are not securities and therefore should not be subject to SEC oversight. According to the brief, tokens available for trading on exchanges do not represent investment contracts and do not grant holders profit rights. Instead, they are used for conducting transactions, recording ownership changes, exchanging data, and facilitating coordination across organizations and the internet. The Chamber of Digital Commerce asserts that the SEC has exceeded its jurisdiction by attempting to regulate the cryptocurrency industry without authorization from Congress. They call for the dismissal of the lawsuit.
Chamber of Digital Commerce Challenges SEC’s Jurisdiction in Binance Lawsuit
The Chamber of Digital Commerce has joined forces with Binance to challenge the Securities and Exchange Commission’s (SEC) jurisdiction in their ongoing lawsuit. In an amicus brief filed with the court, the advocacy group argues that digital assets should not be considered securities and therefore should not fall under the SEC’s oversight. The Chamber of Digital Commerce states that tokens available for trading on exchanges are not investment contracts and do not grant profit rights to holders. Instead, these tokens serve various purposes within blockchain networks. They contend that the SEC has overstepped its authority by attempting to regulate the cryptocurrency industry without proper authorization from Congress. They call for the dismissal of the lawsuit.
Hot Take: Chamber of Digital Commerce Challenges SEC’s Jurisdiction in Binance Lawsuit
The Chamber of Digital Commerce has taken a stand against the Securities and Exchange Commission (SEC) in its lawsuit against Binance. By filing an amicus brief, the advocacy group is challenging the SEC’s jurisdiction over digital assets. They argue that tokens traded on exchanges should not be considered securities as they do not represent investment contracts or grant profit rights to holders. Instead, these tokens have various uses within blockchain networks. The Chamber of Digital Commerce asserts that the SEC is exceeding its authority by attempting to regulate the cryptocurrency industry without proper authorization from Congress. This case highlights the ongoing debate surrounding the classification and regulation of cryptocurrencies, which will have significant implications for the industry as a whole.
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