- Several advocacy groups file amicus briefs urging the SEC to establish clear rules for the crypto industry.
- The Crypto Council for Innovation (CCI), Satoshi Action Fund, Texas Blockchain Council, Paradigm, Lejilex, and the U.S. Chamber of Commerce advocate for regulatory clarity.
- Lack of clear guidelines could lead to digital asset companies relocating outside the United States.
- Coinbase’s appeal for SEC rules on tokens considered securities sparks support from various industry stakeholders.
Advocacy Groups Push for Regulatory Clarity
In a significant move, several advocacy groups have filed amicus briefs urging the United States Securities and Exchange Commission (SEC) to establish clear regulatory frameworks for the cryptocurrency industry. The filings come in support of an appeal by Coinbase, one of the leading cryptocurrency exchanges, highlighting the pressing need for transparent rules governing digital assets within the United States.
Call for Clear Guidelines
The Crypto Council for Innovation (CCI), Satoshi Action Fund, Texas Blockchain Council, Paradigm, Lejilex, and the U.S. Chamber of Commerce have joined forces to emphasize the necessity of clear guidelines for market participants. They argue that the lack of regulatory clarity not only hampers innovation but also poses significant challenges for companies operating in the crypto space. Moreover, the uncertainty created by the SEC’s ambiguous stance could potentially drive digital asset firms to relocate outside the United States, seeking more favorable regulatory environments.
Support for Coinbase’s Appeal
The amicus briefs submitted to the Third Circuit Court of Appeals bolster Coinbase’s appeal, which was initiated in response to the SEC’s denial of its petition for clear rules regarding tokens considered securities. This denial followed an enforcement action taken by the SEC against Coinbase for alleged violations of securities laws. The recent wave of support from various industry stakeholders underscores the widespread concern within the crypto community regarding regulatory uncertainty and the urgent need for the SEC to provide comprehensive guidelines for market participants.