US Chamber of Commerce files amicus brief to support Coinbase against SEC

The U.S. Chamber of Commerce files an amicus brief in the court to support the Nasdaq-listed crypto exchange Coinbase, against the US SEC’s unclear regulatory approach.

Recently the United States Securities and Exchange Commission (SEC) sent a Wells notice to the Coinbase exchange over a potential violation of securities laws. 

The latest court paper showed that the United States Chamber of Commerce filed an amicus brief in the court to support Coinbase Exchange and pointed out the SEC’s bad crypto regulatory approach.

Through the amicus brief, the US Chamber of Commerce stated that the SEC agency forcibly regulates cryptocurrencies under the securities laws. 

“The SEC has deliberately muddied the waters by claiming sweeping authority over digital assets while deploying a haphazard, enforcement-based approach,” it wrote.

Amicus brief is a method for the third-party individual entities to provide their opinion & thought in any court fight, without involving in the court fight directly. 

This amicus brief by the US Chamber of Commerce came to support Coinbase’s legal pressure on the SEC agency, to get a response from the SEC body over its crypto regulatory approach.

Such types of activities are showing that the situation for crypto companies is not better to run a business, despite following laws properly but thanks to laws, which help people/entities to fight against any unethical actor in the world. 

Coinbase, SEC, & Wells Notice

Through the wells notice in late March of this year, the SEC body claimed that Coinbase violated securities law because Coinbase’s crypto staking services are against the federal securities act. In response, Coinbase also asked why the SEC body never answered or responded, when the Coinbase team approached the SEC body several times to know the nature of crypto assets & crypto staking on the platform.

Read Also: US House financial committee slams SEC's proposed custody rules

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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