U.S. Chamber Of Commerce Lined Up To Support Coinbase

Coinbase has been making efforts in a push for regulatory clarity from the SEC. Check out the latest reports about this below.

The U.S. Chamber of Commerce is supporting Coinbase’s efforts to secure regulatory guidance on crypto assets from the U.S. Securities and Exchange Commission (SEC).

According to the latest eprpots coming from the Daily Hodl, the top US crypto exchange filed a motion in court in April to compel the SEC to respond to an earlier petition from the company requesting guidance for the digital asset industry.

Coinbase first submitted the petition for rulemaking last July but has yet to hear a “yes” or “no” answer to the request, according to the same online publication mentioned above.

This week, the Chamber of Commerce submitted a legal document known as an amicus brief outlining its support of Coinbase’s petition.

The Chamber says the SEC’s regulatory approach to crypto has subverted the “basic tenets of due process, administrative law, and good governance.”

The same notes continued and revealed the following:

“As it stands today, nobody knows for certain which digital assets, if any, are ‘securities’ under federal law. That is no small question. It has immense implications for every person involved in the $1 trillion digital-asset economy, and it is the threshold regulatory question from which all others flow.”

More than that, it’s been also revealed the following:

“the U.S. Securities and Exchange Commission – despite proclaiming itself the primary regulator of digital assets – has refused to resolve this threshold question. The Commission has instead offered a series of one-off enforcement actions, supplemented by public speeches and other statements that one commissioner broadly described as ‘confusing, unhelpful, and inconsistent.’”

We suggest that you check out more details about this in order to learn interesting issues.