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During an interview, Cody Carbone, the Vice President of Policy at the Chamber of Digital Commerce, expressed his concerns regarding the regulatory stance the US Securities and Exchange Commission (SEC) has adopted toward the cryptocurrency industry.
Carbone highlighted that the SEC’s approach towards the digital asset sector has been notably aggressive.
He emphasized, “The SEC, as we all know, has been on a tirade against the digital asset industry…We believe that the SEC is acting unconstitutionally.”
Carbone elaborated on his perspective, indicating that he believes the SEC’s actions might infringe upon certain constitutional principles.
He continued, “The SEC has been filing these enforcement actions against the industry without any reimer reason, and in favor of just doing them instead of rule makings.”
The association contested the SEC’s authority over digital assets as securities, citing constitutional concerns about the agency’s enforcement-focused regulatory approach.
The Chamber of Digital Commerce (CDC) stated that this strategy jeopardizes the US digital asset industry and its stakeholders.
“In ongoing congressional debates, the question of regulatory jurisdiction for the digital asset industry remains uncertain – should it fall under the SEC or CFTC?”
“The SEC’s attempt to oversee the entire industry compelled us to take action,” the company remarked, referring to its involvement in the legal dispute between cryptocurrency exchange leader Coinbase and the US Securities and Exchange Commission (SEC).
Blockchain Trade Association Challenges SEC: Chamber of Digital Commerce Submits Amicus Curiae Brief in Coinbase Case
On August 11th, the Chamber of Digital Commerce (CDC), a prominent blockchain trade association, took a significant step in the ongoing legal dispute involving the Securities and Exchange Commission (SEC) and Coinbase.
The CDC announced on Friday that it submitted an amicus curiae brief in the case concerning the US regulatory authority and the cryptocurrency exchange. The association aims to halt the SEC’s endeavors to control cryptocurrencies without legislative authorization.
Coinbase is accused by the SEC of offering unregistered securities through its lending product. The exchange intended to launch a lending program for users to earn interest, but the SEC insists this requires registration as it’s considered security.
Coinbase disputes the SEC’s claims, stating it’s not a security and criticizing the agency’s vague stance on crypto-related securities.
The Chamber of Digital Commerce, representing blockchain and digital asset firms, is entering the fray. They’ve filed to join the case, contending the SEC’s actions could drastically impact the industry.
The Chamber claims its members are suffering due to the SEC’s enforcement causing confusion and harm, and as an industry association, it can provide insight into the situation’s full scope.
“The SEC’s enforcement action … has caused widespread confusion and harm in the marketplace,” the statement said.
“As an industry association, we are uniquely positioned to help the court understand the breadth and impact of the SEC’s action.”
Moreover, the CDC emphasized that the SEC’s forceful regulatory stance might impede innovation in the digital asset sector, raising concerns about potential negative impacts on economic growth, job opportunities, and financial inclusivity.
Other cryptocurrency entities and industry groups have also expressed support for Coinbase, asserting the SEC’s actions hinder innovation and business operations in the US.