- The Chamber of Digital Commerce (CDC) filed an amicus curiae brief in the SEC vs Coinbase (NASDAQ:COIN).
- CDC aims to end the SEC’s attempts to regulate cryptocurrencies without proper legislative authority.
- CDC argued that the SEC’s aggressive regulatory approach could stifle innovation.
Leading blockchain trade association Chamber of Digital Commerce (CDC) recently made a significant move in the ongoing legal battle between the Securities and Exchange Commission (SEC) and Coinbase.
The association took to X on Friday to announce that it has filed an amicus curiae brief in the case between the U.S. regulatory the crypto exchange. CDC stated it aimed to put an end to the SEC’s attempts to regulate cryptocurrencies without proper legislative authority.
We're stepping in. We've filed an amicus curiae brief in the @SECgov v. @Coinbase case. Our goal? To end the SEC’s attempt to regulate the #digitalasset industry WITHOUT legislative authority: https://t.co/NZyIBgkbag pic.twitter.com/MGvZdPC3kp— Chamber of Digital Commerce (@DigitalChamber) August 11, 2023
Additionally, CDC noted that its primary concern is that the SEC’s aggressive regulatory approach could stifle innovation within the digital asset industry. It argued that while Congress actively works on finding solutions for the industry, the SEC’s actions could hinder economic growth. CDC highlighted other concerns, such as job creation and financial inclusion.
Furthermore, the association contended that the SEC does not possess the authority to regulate digital assets as securities. CDC raised constitutional concerns about the SEC’s regulation through enforcement actions. It asserted that such an approach puts the entire U.S. digital asset industry and its stakeholders at risk.
Meanwhile, prominent crypto lawyer Bill Morgan weighed in on the brief, noting that the CDC’s amicus brief references legal precedents. Among the legal precedents he observed in the filing was the recent court ruling that digital assets as standalone commodities. He also cited judicial comments on XRP not being an investment contract.
Moreover, Morgan mentioned that the CDC’s brief cited the recent Terraform lawsuit, hinting at the fact that Judge Rakoff’s comments align with the idea that digital assets may not necessarily qualify as securities.
Ultimately, the CDC expressed gratitude to the global law firm McDermott Will & Emery for assisting in preparing this essential brief.
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