• The United States Chamber of Commerce has criticized the Securities and Exchange Commission for its lack of clarity in regulating the cryptocurrency industry on American soil.
• Coinbase filed a complaint to the U.S. Court of Appeals on May 9, accusing the SEC of deliberately creating a precarious and uncertain landscape for crypto companies operating in the country.
• The Chamber of Commerce is pressing the SEC to reply promptly to Coinbase’s April 25 petition, which seeks clearer regulatory guidelines for crypto firms operating in the country.
The US Chamber of Commerce Criticizes SEC’s Lack of Clarity
The United States Chamber of Commerce has strongly criticized the Securities and Exchange Commission (SEC) for its „haphazard, enforcement-based approach“ when it comes to regulating the cryptocurrency industry on American soil. In an amicus brief filed to the U.S. Court of Appeals on May 9, 2021, this largest business organization in the world threw its full weight behind Coinbase as it accused the SEC of deliberately creating a precarious and uncertain landscape for crypto companies operating in America.
Coinbase Files Complaint
Coinbase filed a complaint against SEC on April 25th this year after receiving a Wells notice from them concerning “potential violation” with U.S securities law. This complaint was not asking court to force SEC into adopting new rules but just requesting them to provide response within reasonable amount time regarding their July petition that asked same thing earlier; clearer regulatory guidelines for crypto firms operating in US markets.
Chamber Of Commerce’s Response
Responding to this situation US Chamber Of Commerce pressed hard upon SEC by submitting amicus curiae brief which accused regulator’s inaction as unlawful act due to their refusal into responding either coinbase or engaging any rulemaking acts that would bring much needed clarity over cryptocurrency industry regulation with US market laws & regulations
Chamber Of Commerce Seeks Clarity
The US Chamber Of commerce have sought clarity over which if any cryptocurrencies are considered as securities by making clear statement that “the consequences of continued delay are severe” if no answer is provided soon enough which makes quite clear how important it is for them to get some sort answer from regulators so they could proceed accordingly with their operations over american soil without fear or uncertainty about possible violation laws & regulations