The U.S. Chamber of Commerce has just filed a brief in Coinbase v. SEC case, calling out the SEC for acting “unlawfully” in the digital asset space.

Coinbase case to save crypto from unfriendly regulation?

The U.S. Chamber is a highly influential organization representing companies in all industries across the U.S. making it a force to reckon with in the preservation and fostering of innovative financial technology.

It has now intervened in the Coinbase vs SEC case where the crypto exchange decided to stand ground and face the regulator with confidence that it had met all operating requirements therefore shouldn’t be served notices regarding its already vetted products or charged. 

The U.S. chamber of Commerce brief opens with:

“As it stands today, nobody knows for certain which digital assets, if any, are ‘securities’ under federal law.”

In the brief, the Chamber makes 3 arguments.

1.   Regulatory uncertainty is killing innovation in the U.S.

2.  The SEC is destabilizing the digital assets regulatory environment.

3.  The SEC is violating Constitutional Due Process and Fair Notice rights.            

The Chamber goes ahead to declare:

“The SEC’s actions are not just harmful policy; they are unlawful…”

Coinbase CEO Brian Armstrong has been condemning the SEC for poor regulation. Most people took it as a pr stunt or a losing battle as the SEC has been notoriously cracking down on crypto. Now, the new statement from the Chamber of Commerce will add more weight to the matter and stand strong in court. 

However, only time will tell where the direction of the case will be headed but the involvement of the most influential innovation fostering authorities in the  U.S will make it interesting. Keep watching fintech express for updates on this and other fintech-related stories .