Coinbase Wins Support from U.S. Chamber: ‚SEC Actions Unlawful‘

• Coinbase has sued the SEC in April to clear ambiguity and push businesses abroad.
• The U.S. Chamber of Commerce has recently filed an amicus brief in support of Coinbase, arguing that the SEC’s campaign is „unlawful“ and stifling economic growth
• An expert argued that the amicus brief could force the SEC to respond should they plan to delay their response

Coinbase Takes on the SEC

In April, crypto exchange Coinbase took a bold step by suing the US Securities and Exchange Commission (SEC) in hopes of clearing up regulatory ambiguity concerning digital assets.

U.S. Chamber of Commerce Supports Coinbase

The US Chamber of Commerce has now offered its support for Coinbase via an amicus brief filed on May 9th, arguing that the SEC’s delayed response to Coinbase’s petition is stifling economic growth and innovation while harming regulations for crypto. The organization further criticized this “regulation by enforcement” approach as unlawful.

Court Gives SEC 10 Days to Respond

On May 4th, the court gave the SEC ten days to respond to Coinbase’s petition; however, experts argued that there was still room for delay. The latest amicus brief decrying such delays may prevent any further delays from occurring with broader effects across the industry.

James Murphy Asserts Impact Of Brief

Securities lawyer James “MetaLawMan” Murphy pointed out in a Twitter thread that this amicus brief will put pressure on the SEC should they opt for a delay as it would have serious implications if ignored or denied outright. It could also significantly influence other similar cases where exchanges are challenging regulators over unclear regulations regarding digital assets classified as securities or commodities trading products such as derivatives contracts like futures and options contracts..

Conclusion

The U.S Chamber of Commerce’s support for Coinbase sends a strong message about how harmful regulations can be in hindering economic growth and innovation when faced with unclear guidelines from regulators on cryptocurrencies or other digital assets classified as securities or commodities trading products such as derivatives contracts like futures and options contracts.. This move could potentially have far-reaching implications beyond just this case alone concerning future attempts at regulation clarity amongst market participants and lawmakers alike.