US SEC Under Pressure As Coinbase Bags Support Of U.S. Chamber of Commerce

Also Read: CZ Seeking To Dump Binance.US Stakes Amid CFTC Probe

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Coinbase Gains Upper Hand Against US SEC

As per the court filings, the U.S. Chamber of Commerce has submitted Amicus Brief in support of Coinbase’s writ of Mandamus against the SEC. The group has called out the SEC for acting “unlawfully” in the digital asset ecosystem.

This filing becomes important a the U.S. Chamber of Commerce claims to be the world’s largest business federation. It approximately represents 300k direct members, while it indirectly represents the interests of over 3 million businesses and professionals.

The filings mentioned the chamber’s members hold a strong interest in regulatory clarity around the crypto. However, its several members are companies that are subject to U.S Securities laws that may be affected by the commission’s ongoing approach to the crypto market.

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Also Read: GALA To Go Against Coinbase After PEPE Community?

The Chamber had raised three very important arguments in the brief. First, it mentioned that Regulatory uncertainty is killing innovation in the country. Second, the SEC is destabilizing the digital assets regulatory environment. Third, the watchdog is SEC is violating Constitutional Due Process and Fair Notice rights.

However, the Chamber in a statement declared that the SEC’s actions are not harmful policy, they are unlawful and the consequence of the commission’s regular delay are severe that reason too.

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