Chamber of Commerce Blasts SEC for "Haphazard" Approach to Crypto Regulation

The United States Chamber of Commerce has filed an amicus brief with the United States Court of Appeals in support of Coinbase, a cryptocurrency exchange. 

The brief criticizes the Securities and Exchange Commission (SEC) for its "haphazard, enforcement-based approach" to regulating the cryptocurrency industry.

The Chamber of Commerce argues that the SEC's approach is creating a "precarious and uncertain landscape" for crypto companies operating in the United States. The brief also says that the SEC's refusal to respond to Coinbase's petition for rulemaking is "unlawful."

The SEC has not yet responded to the Chamber of Commerce's brief.

In other news, Paradigm, a crypto investment firm led by Coinbase co-founder Fred Ehrsam, has also filed an amicus brief in support of Coinbase. The brief argues that the SEC's actions have "crippled a nascent industry."

The SEC has been criticized by some for its handling of the cryptocurrency industry. The agency has taken a number of enforcement actions against crypto companies, but it has also been slow to provide clear guidance on how the industry should be regulated.

The Chamber of Commerce and Paradigm's briefs are the latest salvos in a battle between the SEC and the cryptocurrency industry. The outcome of the battle could have a significant impact on the future of the industry.

The Chamber of Commerce's brief argues that the SEC's approach to regulating cryptocurrencies is "haphazard" and "uncertain." The brief points out that the SEC has taken a number of enforcement actions against crypto companies, but it has also been slow to provide clear guidance on how the industry should be regulated. This lack of clarity, the Chamber of Commerce argues, is creating a "precarious and uncertain landscape" for crypto companies operating in the United States.

The brief also argues that the SEC's refusal to respond to Coinbase's petition for rulemaking is "unlawful." The Chamber of Commerce argues that the SEC has a legal obligation to respond to Coinbase's petition within a "reasonable amount of time." The SEC has not yet responded to Coinbase's petition, and the Chamber of Commerce argues that this is a violation of the law.

Paradigm's brief echoes many of the same arguments made by the Chamber of Commerce. The Paradigm brief argues that the SEC's actions have "crippled a nascent industry." The brief also argues that the SEC's approach to regulating cryptocurrencies is "arbitrary and capricious."

The SEC has not yet responded to the Chamber of Commerce or Paradigm's briefs. The outcome of this battle is still uncertain, but it is clear that the cryptocurrency industry is at a crossroads.

Also, Read - Binance Seeks UK Regulation Amidst US Crypto Crackdown