The US Chamber of Digital Commerce has come to the aid of Binance.US in its legal dispute with the SEC, highlighting concerns about regulatory actions and their impact on the crypto industry.
Binance.US, entangled in a legal tussle with the U.S. Securities and Exchange Commission (SEC), finds an unexpected ally in the US Chamber of Digital Commerce. In an amicus brief, the Chamber criticized the SEC’s approach, accusing it of creating a hostile environment for crypto businesses through what they call “regulation by enforcement.”
The Chamber’s filing echoes industry leaders’ concerns that the SEC’s actions are driving cryptocurrency enterprises away from the United States. They argue that the trillion-dollar blockchain economy is avoiding the country due to its unclear and unwelcoming regulatory climate.
The SEC has previously initiated enforcement actions against major crypto firms, including Kraken, Coinbase, and Binance, citing concerns about unregistered securities. Industry giants like Coinbase contend that the regulatory framework for cryptocurrencies is ambiguous, leading to disputes about whether certain assets should be classified as securities.
The Chamber of Digital Commerce joins this narrative, emphasizing that the SEC’s complaint blurs the distinction between the assets themselves and investment contracts, potentially subjecting any asset to U.S. law and regulation.