As the SEC’s regulatory pressures continue to increase, the business world has not remained silent on this issue. Following Coinbase’s encounter with SEC pressures, the exchange broke its silence, making consecutive statements on the matter.
Most recently, Coinbase stated that they had sent letters to the SEC asking for a regulatory framework to guide their operations, but they had not received any response from the SEC. In response to this, the exchange announced the Coinbase International Exchange, a Futures Trading Platform, as part of its plans to expand outside of the U.S.
US Chamber of Commerce stands against SEC’s approach to Coinbase
The United States Chamber of Commerce, a leading advocacy group for business, has recently published a court filing with its concerns over the approach taken by the Securities and Exchange Commission (SEC) towards digital assets, including prominent platforms like Coinbase and Kraken, as well as cryptocurrencies like ether. The Chamber has openly supported Coinbase’s legal action against the SEC, which was spurred by the regulator’s lack of response to a request for the creation of crypto-specific regulations.
”This regulatory chaos is by design, not happenstance. The SEC has deliberately muddied the waters by claiming sweeping authority over digital assets while deploying a haphazard, enforcement-based approach. The Commission’s attempt to pocket veto Coinbase’s petition is just the latest example of its broader obfuscating strategy.”The filing says.
In a move that highlights the growing tension between crypto firms and regulatory bodies, Coinbase lodged an uncommon lawsuit against the SEC last month. This was in response to the SEC’s apparent disregard for a proposal made by Coinbase during the previous summer, seeking the development of fresh, asset-specific regulations.
Backing Coinbase’s legal stance, the Chamber of Commerce has submitted its own court filing, asserting that the SEC’s non-response is inflicting significant economic distress on not just Coinbase, but the wider business community as well.
In conclusion, the growing discord between the U.S. Chamber of Commerce and the SEC underscores the broader tension between the burgeoning crypto industry and established regulatory bodies. The Chamber’s support for Coinbase’s legal action against the SEC highlights the demand for clearer, crypto-specific regulations. How this lawsuit unfolds will have significant implications not only for Coinbase and the digital asset sector, but also for the broader business community.