{"id":6885,"date":"2023-05-10T15:49:05","date_gmt":"2023-05-10T19:49:05","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/us-chamber-of-commerce-backs-coinbase-in-fight-for-regulatory-clarity\/"},"modified":"2023-05-10T15:49:05","modified_gmt":"2023-05-10T19:49:05","slug":"us-chamber-of-commerce-backs-coinbase-in-fight-for-regulatory-clarity","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=6885","title":{"rendered":"US Chamber of Commerce Backs Coinbase in Fight for Regulatory Clarity"},"content":{"rendered":"<div>\n<p>The US Chamber of Commerce backed Coinbase\u2019s request for the US Securities and Exchange Commission to write rules for cryptocurrency in a recent court filing.\u00a0<\/p>\n<p>The Chamber, which is the <u>world\u2019s largest business organization<\/u>, said no one knows for certain which digital assets are securities under federal law.<\/p>\n<p>\u201cBut remarkably, the Securities and Exchange Commission\u2014despite proclaiming itself the primary regulator of digital assets\u2014has refused to resolve this threshold question,\u201d the Chamber said in an amicus brief filed on Tuesday.\u00a0<\/p>\n<p>The Chamber represents about 300,000 members from small businesses to global corporations, according to its website.\u00a0<\/p>\n<p>Coinbase filed <u>a petition<\/u> in July 2022 asking the SEC to propose and adopt rules for digital assets.\u00a0<\/p>\n<p>By not responding to Coinbase, the Chamber said the SEC is \u201csubstantial economic harm.\u201d<\/p>\n<p>\u201cIndustry confusion about the rules\u2014and whether they can even be satisfied\u2014hampers innovation,\u201d the Chamber said.\u00a0<\/p>\n<p>The SEC\u2019s delay on rulemaking also destabilized the regulatory environment for crypto, it said.<\/p>\n<p>\u201cThis regulatory chaos is by design, not happenstance. The SEC has deliberately muddied the waters by claiming sweeping authority over digital assets while deploying a haphazard, enforcement-based approach,\u201d the Chamber said.\u00a0<\/p>\n<h2>Not done yet<\/h2>\n<p>Coinbase asked a federal appellate court in Philadelphia <u>last month<\/u> to compel the SEC to respond to that July 2022 petition, arguing that the agency has not been reasonable or prompt with its response.\u00a0<\/p>\n<p>The lawsuit alleged &#8220;the SEC refuses to address Coinbase\u2019s rulemaking petition&#8221; even as the agency expresses intentions to initiate enforcement proceedings against Coinbase for listing allegedly unregistered securities.\u201d<\/p>\n<h2>SEC investigating Coinbase<\/h2>\n<p>Coinbase has also been embroiled in a fight with the SEC following news that the exchange was served a <u>Wells notice<\/u> in March.\u00a0<\/p>\n<p>A Wells notice is a letter from SEC staff saying that the agency is ready to recommend formal charges to the five-member commission.\u00a0<\/p>\n<p>The exchange responded to the Wells notice on April 19 in a <u>73-page submission<\/u>, arguing that the SEC has not \u201ccomplied with the law\u201d by allowing companies like Coinbase to register with the agency.\u00a0<\/p>\n<p>Notably, SEC Chair Gary Gensler has repeatedly said firms need to register with the agency and has said many cryptocurrencies are securities, falling under his agency\u2019s jurisdiction.\u00a0<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/us-chamber-of-commerce-backs-coinbase-fight-for-regulatory-clarity.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Chamber of Commerce backed Coinbase\u2019s request for the US Securities and Exchange Commission to write rules for cryptocurrency in a recent court filing.\u00a0 The Chamber, which is the world\u2019s largest business organization, said no one knows for certain which digital assets are securities under federal law. \u201cBut remarkably, the Securities and Exchange Commission\u2014despite [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-6885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US Chamber of Commerce Backs Coinbase in Fight for Regulatory Clarity | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The US Chamber of Commerce backed Coinbase\u2019s request for the US Securities and Exchange Commission to write rules for cryptocurrency in a recent court\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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