Chamber Of Digital Commerce Backs Coinbase, Prevents Strong SEC Intervention

Key Points:

• The Chamber of Digital Commerce filed an amicus curiae brief with the court to assist Coinbase in its lawsuit with the SEC.
• The organization criticized the SEC’s aggressive approach as stifling innovation.
• It also discussed that Congress should have granted the SEC authority to regulate all digital assets as securities.

The Chamber of Digital Commerce says it has filed an amicus curiae brief to assist Coinbase in the US SEC lawsuit against Coinbase.

Its goal is to end the actions of the SEC to regulate the digital asset industry without a legislature. The association says enforcement alone is not enough. While Congress was working on solutions, the SEC’s aggressive approach stifled innovation. Fair regulation can create opportunities for economic growth, job creation, and financial inclusion.

Congress did not authorize the SEC to regulate all digital assets as securities. SEC regulation through enforcement actions has raised constitutional concerns, putting the US digital asset industry and its stakeholders at risk.

Founded in 2014, the Chamber of Digital Commerce (The Chamber) is the world’s largest digital asset and blockchain trade association. The Chamber represents more than 200 diverse members of the blockchain industry globally, including digital asset exchanges, leading banks and investment firms, startups, and other digital asset economy participants.

Members guided by the principle of industry compliance with applicable law, The Chamber seeks to foster a legal and regulatory
environment in which digital asset users can enjoy regulatory certainty as they apply blockchain technologies to various commercial, technological, and social purposes.

In addition, two top VCs, Andreessen Horowitz, also known as a16z, and Paradigm, filed a joint statement on Friday in favor of cryptocurrency exchange Coinbase. This is also when parliament needs to develop a comprehensive and timely legal framework to regulate activities in this rapidly growing industry.

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