The US Chamber of Commerce has criticized the Securities and Exchange Commission (SEC) for its "haphazard" approach to regulating the cryptocurrency industry.
SEC Has Muddied The Waters: USCCThe United States Chamber of Commerce (USCC), representing over three million businesses across the United States, released a statement on Wednesday accusing the SEC of creating confusion and uncertainty in the industry.
According to the statement, the SEC's lack of clear guidelines and inconsistent enforcement actions have hindered innovation and investment in the cryptocurrency space.
Excerpts from the statement read,
“As it stands today, nobody knows for certain which digital assets, if any, are 'securities' under federal law…The SEC has deliberately muddied the waters by claiming sweeping authority over digital assets while deploying a haphazard, enforcement-based approach. This regulatory chaos is by design, not happenstance.”
The Chamber of Commerce urged the SEC to provide clear and consistent regulatory guidance to help businesses navigate the complex and rapidly evolving cryptocurrency landscape.
The statement is part of an amicus brief in the Coinbase vs. SEC legal battle, where the Chamber of Commerce has extended its support to the crypto exchange. The term "amicus brief" is of Latin origin and means "friend of the court," referring to guidance or knowledge shared by external parties who are not directly involved in a particular court case.
USCC Calls Out “Unlawful” SEC ActionsMetaverse attorney James Murphy, who is active on Twitter as MetaLawMan, has pointed out the significance of the Chamber of Commerce standing up for crypto and against the regulatory body, going as far as calling its actions unlawful. Since this organization is much more influential than the Chamber of Digital Commerce, Murphy believes its arguments will have more weight in the court.
Murphy writes,
“The Chamber makes 3 arguments - (1) Regulatory uncertainty is killing innovation in the U.S. (2) The SEC is destabilizing the digital assets regulatory environment. (3) The SEC is violating Constitutional Due Process and Fair Notice rights.
SEC’s Anti-Crypto CrackdownThe SEC has been grappling with how to regulate cryptocurrencies for years. While some lawmakers and regulators have called for stricter industry oversight, others have argued that heavy-handed regulation could stifle innovation and hinder the sector's growth.
The Chamber of Commerce's statement comes amid a flurry of regulatory activity in the cryptocurrency space. Back in 2020, the SEC filed a lawsuit against Ripple Labs, alleging that the company had conducted an unregistered securities offering. Ripple has denied the allegations and vowed to fight the lawsuit.
More recently, the regulatory body has targeted the Bitcoin mining company Marathon Digital over allegations of securities law violation.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
