A regulatory organization, the U.S. Chamber of Commerce, has filed a paper in a ground-breaking move.
The Securities and Exchange Commission (SEC) is accused of behaving improperly and creating regulatory ambiguity within the digital asset business in the ongoing Coinbase v. SEC litigation. In its letter, the Chamber emphasizes how these policies are limiting innovation and preventing this nascent sector from expanding.
According to the chamber’s document, the SEC’s alleged destabilization of the regulatory environment for digital assets not only hampers the industry’s progress but also infringes upon constitutional due process and fair notice rights.
Also Read: US Chamber Slams SEC over Crypto Regulations
The chamber’s report found support from John Deaton, a legal practitioner and representative of XRP investors in a class action lawsuit against the SEC. Deaton expressed his endorsement on Twitter, noting that XRP holders were the first to denounce the SEC’s perceived overreach. He emphasized that resisting government overreach is crucial, even when it targets a project one may dislike.
The chamber’s submission is expected to have a profound impact on the regulatory environment for digital assets. As one of the most significant and influential business organizations in the United States, the chamber’s stance demonstrates substantial support for the crypto industry. This endorsement adds weight to the assertions made by crypto proponents who argue against the SEC’s regulatory overreach.
The Coinbase v. SEC case has been closely watched by industry stakeholders, and the chamber’s submission introduces a new and critical component to the ongoing conversation. As the digital asset industry continues to expand, regulators face the challenging task of striking a balance between safeguarding consumers and fostering innovation.
