Multiple associations, industry bodies, and crypto asset policy leaders have filed amicus curiae briefs in the Coinbase vs US Securities and Exchange Commission (SEC) lawsuit in favor of crypto exchange Coinbase. In the latest development, an amicus curiae appearance is entered by the Chamber of Digital Commerce against the SEC’s regulatory overreach.
Chamber of Digital Commerce Intervenes Coinbase Vs US SEC
Brianna A. Perez, attorney at McDermott Will & Emery, has filed an amicus curiae appearance on behalf of the Chamber of Digital Commerce on August 22.
The Chamber of Digital Commerce seeks to end the SEC’s attempt to regulate the industry by aggressive enforcement actions as opposed to clear guidance, laws, or regulations. The Chamber of Digital Commerce alleges that the SEC inappropriately suppressing digital asset innovation in the US. Also, it requests the court to dismiss the lawsuit amid considering digital asset legislation by the U.S. Congress.
In addition, the Congress hasn’t given the SEC authority to regulate the digital asset industry or classify most as securities without any clarity.
Recently, the Blockchain Association, Crypto Council for Innovation, Chamber of Progress, Consumer Technology Association, Andreessen Horowitz, Paradigm, and Senator Cynthia M. Lummis filed amicus curiae briefs in support of Coinbase.
Coinbase has filed a motion requesting the judge to dismiss the lawsuit by the US SEC. It claims that the regulator acts outside its regulatory jurisdiction and oversight. Coinbase lawsuit is key for the crypto industry as it’s the largest regulated exchange and multiple Bitcoin ETFs mentioned Coinbase as their surveillance-sharing partner.
COIN stock price jumps 1.17% to $75.78 in pre-market hours on Wednesday, August 23.
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