The U.S. Chamber of Commerce, a highly influential organization representing companies across all industries in the U.S., has just filed a brief in the Coinbase v. SEC case, calling out the SEC for acting “unlawfully” in the digital asset space. This is a significant move that could have a significant impact on the future of digital assets in the United States.
Regulatory Uncertainty Killing Innovation in the U.S.
The brief submitted by the U.S. Chamber of Commerce opens with a crucial point that has been a thorn in the side of the digital asset space for years. The lack of clarity on which digital assets qualify as “securities” under federal law has created regulatory uncertainty that is killing innovation in the U.S.
The Chamber argues that the lack of clarity is causing U.S. companies to move their operations to other countries where regulatory frameworks are more predictable.
The Chamber’s brief also asserts that the SEC’s actions are destabilizing the digital assets regulatory environment. The SEC’s inconsistent enforcement of regulations and lack of clear guidelines have made it challenging for companies to operate in the digital asset space. As a result, investors and innovators have been left in a state of confusion, not knowing what actions are legal or illegal.
Read the full brief here. https://uschamber.com/assets/documents/U.S.-Chamber-Amicus-Brief-In-re-Coinbase-Third-Circuit.pdf