The U.S. Chamber of Commerce is backing crypto exchange Coinbase in its legal battle with the SEC, calling the agency’s actions illegal. The U.S. Chamber of Commerce filed an amicus brief on May 9 criticizing the U.S. Securities and Exchange Commission (SEC) in its case against crypto exchange Coinbase.
The parties are in litigation. After the SEC threatened to sue for illegal trading in securities, the case was counter-sued. Coinbase is demanding regulatory clarity.
Meanwhile, the Chamber of Commerce criticizes the agency. “The SEC has intentionally muddied the waters by claiming broad authority over digital assets while taking an arbitrary approach based on enforcement actions,” the letter said. It continues, “As it stands today, no one knows with certainty which if any, digital assets are ‘securities’ under federal law.”
The United States Chamber of Commerce is the largest business lobbying group in the United States, representing the interests of more than three million businesses and trade associations across all industries.
Meanwhile, the SEC continues to take action in the crypto sector. Marathon Digital, a U.S. Bitcoin mining company, announced on Wednesday that it had received a new subpoena from the agency. According to the filing, the SEC is investigating whether violations of federal securities laws may have occurred.
In addition, the SEC has been sued by watchdog agency Empower Oversight. It demands the disclosure of documents that shed light on former executives’ internal conflicts in assessing cryptocurrencies.