The U.S. Chamber of Commerce, a regulatory body, has filed a document in an unprecedented move, alleging that the Securities and Exchange Commission (SEC) acted improperly and created regulatory ambiguity within the digital asset industry in the ongoing Coinbase v. SEC litigation.
The Chamber argues that these policies are stifling innovation and preventing this emerging sector from expanding in its correspondence. According to the Chamber’s document, the SEC’s supposed destabilization of the regulatory environment for digital assets not only inhibits the industry’s progress but also infringes on constitutional due process and fair notice rights.
John Deaton, a legal practitioner and representative of XRP investors in a class action lawsuit against the SEC, expressed his support for the Chamber’s report on Twitter, stating that XRP holders were the first to criticize the SEC’s perceived overreach. He emphasized that it is vital to resist government overreach, even when it targets a project one may dislike.
As one of the most significant and influential business organizations in the United States, the Chamber’s position is expected to have a profound impact on the regulatory environment for digital assets. This endorsement adds weight to the claims made by crypto supporters who oppose the SEC’s regulatory overreach.
The Coinbase v. SEC case has been closely monitored by industry stakeholders, and the submission by the Chamber introduces a new and important element to the ongoing discussion. As the digital asset industry continues to expand, regulators face the challenging task of balancing consumer protection with innovation.
Compiled by Coinbold