{"id":7070,"date":"2023-05-12T16:00:05","date_gmt":"2023-05-12T16:00:05","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/05\/12\/is-the-sec-acting-unlawfully-in-the-digital-assets-space-the-us-chamber-of-commerce-thinks-so\/"},"modified":"2023-05-12T16:00:05","modified_gmt":"2023-05-12T16:00:05","slug":"is-the-sec-acting-unlawfully-in-the-digital-assets-space-the-us-chamber-of-commerce-thinks-so","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/05\/12\/is-the-sec-acting-unlawfully-in-the-digital-assets-space-the-us-chamber-of-commerce-thinks-so\/","title":{"rendered":"Is the SEC Acting &#8216;Unlawfully&#8217; in the Digital Assets Space? The US Chamber of Commerce Thinks So!"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The US crypto industry may have just gained a powerful ally in the battle to protect digital assets. The US Chamber of Commerce, the largest business federation in the world, filed a brief in support of Coinbase against its legal case against the SEC. What does this mean for crypto regulation in the US?<\/p>\n<figure id=\"attachment_104106\" aria-describedby=\"caption-attachment-104106\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/FFDQuu2WUAMXoeo.jpg\" target=\"_blank\" rel=\"noopener\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-104106\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/FFDQuu2WUAMXoeo.jpg\" alt=\"The SEC has been accused of unfairly targeting digital assets\" width=\"1200\" height=\"1209\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/FFDQuu2WUAMXoeo.jpg 822w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/FFDQuu2WUAMXoeo-298x300.jpg 298w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/FFDQuu2WUAMXoeo-150x151.jpg 150w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/FFDQuu2WUAMXoeo-768x774.jpg 768w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/FFDQuu2WUAMXoeo-56x56.jpg 56w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/FFDQuu2WUAMXoeo-450x453.jpg 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"\/><\/noscript><\/a><figcaption id=\"caption-attachment-104106\" class=\"wp-caption-text\">Gary Gensler and the SEC have created an impossible situation for crypto companies in the US<\/figcaption><\/figure>\n<h2><span id=\"What_is_happening_with_the_US_Chamber_of_Commerces_brief_in_the_Coinbase_vs_SEC_case\"><strong>What is happening with the US Chamber of Commerce\u2019s brief in the Coinbase vs SEC case?<\/strong><\/span><\/h2>\n<p>The <a href=\"https:\/\/www.uschamber.com\/assets\/documents\/U.S.-Chamber-Amicus-Brief-In-re-Coinbase-Third-Circuit.pdf\" target=\"_blank\" rel=\"noopener\">brief<\/a> filed by the US Chamber of Commerce criticizes the <a href=\"https:\/\/nftevening.com\/the-sec-clamps-down-on-nfts-crypto-in-the-us-market\/?swcfpc=1\" target=\"_blank\" rel=\"noopener\">SEC\u2019s treatment<\/a> of digital assets. It opens by stating, \u201cAs it stands today, nobody knows for certain which digital assets, if any, are \u2018securities\u2019 under federal law.\u201d Later on, it adds, \u201cThe SEC\u2019s actions are not just harmful policy, they are unlawful; and the consequences of the SEC\u2019s continued delay are severe for that reason too.\u201d<\/p>\n<p>Additionally, the US Chamber of Commerce cites three more arguments to support its decision to support Coinbase:<\/p>\n<ul>\n<li>Regulatory uncertainty is killing innovation in the U.S.<\/li>\n<li>The SEC is destabilizing the digital assets regulatory environment<\/li>\n<li>The SEC is violating Constitutional Due Process and Fair Notice rights<\/li>\n<\/ul>\n<p>This news is a huge boon to Coinbase. The US Chamber of Commerce is the largest, most influential business organization in the country. By standing with Coinbase, the US Chamber of Commerce is sending a clear message that it will fight to protect all business interests in the US against government overreach and not allow the crypto industry to be unfairly targeted.<\/p>\n<figure id=\"attachment_104107\" aria-describedby=\"caption-attachment-104107\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-scaled.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-104107 size-full perfmatters-lazy\" alt=\"The US Chamber of Commerce is joining the fight to protect digital assets\" width=\"1200\" height=\"579\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-scaled.jpg\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-scaled.jpg 1200w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-300x145.jpg 300w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-1024x494.jpg 1024w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-768x371.jpg 768w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-116x56.jpg 116w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-150x72.jpg 150w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-450x217.jpg 450w\" data-sizes=\"(max-width: 1200px) 100vw, 1200px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-104107 size-full\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-scaled.jpg\" alt=\"The US Chamber of Commerce is joining the fight to protect digital assets\" width=\"1200\" height=\"579\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-scaled.jpg 1200w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-300x145.jpg 300w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-1024x494.jpg 1024w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-768x371.jpg 768w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-116x56.jpg 116w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-150x72.jpg 150w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/USChamberofCommerce_logo-450x217.jpg 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"\/><\/noscript><\/a><figcaption id=\"caption-attachment-104107\" class=\"wp-caption-text\">The US Chamber of Commerce believes the SEC is breaking the law<\/figcaption><\/figure>\n<h2><span id=\"Why_is_the_SEC_bringing_charges_against_Coinbase\"><strong>Why is the SEC bringing charges against Coinbase?<\/strong><\/span><\/h2>\n<p>The move comes on the heels of the SEC filing a Wells Notice against <a href=\"https:\/\/nftevening.com\/all-about-the-coinbase-ceos-stand-strong-with-crypto-nft-campaign\/\" target=\"_blank\" rel=\"noopener\">Coinbase<\/a>. A Wells Notice serves as notice that the SEC is planning on bringing an enforcement action against a respondent. In this case, the SEC is coming after Coinbase for selling illegal securities in the form of digital assets to US citizens.<\/p>\n<p>Not surprisingly, this notice frustrated Coinbase leadership. For years, the exchange has sought out clarification from the SEC on how it should conduct its business and service offerings. The SEC has refused to provide any clarity, however, to the point of canceling meetings, not returning communication requests, etc.\u00a0 As a result, the situation has deteriorated to that the point of Coinbase publicly stating it is considering moving its business operations out of the US.<\/p>\n<p>In all likelihood, the legal battle will be a long one. By supporting Coinbase, the US Chamber of Commerce provided some much-needed support for the upcoming war.<\/p>\n<p><iframe data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\" class=\"perfmatters-lazy\" data-src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\"><\/iframe><noscript><iframe loading=\"lazy\" src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\" data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\"><\/iframe><\/noscript><\/p>\n<div class=\"bottom-text__wrapper post-content\">\n<p>\u00a0<\/p>\n<hr\/>\n<p><em>All investment\/financial opinions expressed by NFTevening.com are not recommendations.<\/em><\/p>\n<p><em>This article is educational material.<\/em><\/p>\n<p><em>As always, make your own research prior to making any kind of investment.<\/em><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/nftevening.com\/is-the-sec-acting-unlawfully-in-the-digital-assets-space-the-us-chamber-of-commerce-thinks-so\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US crypto industry may have just gained a powerful ally in the battle to protect digital assets. The US Chamber of Commerce, the largest business federation in the world, filed a brief in support of Coinbase against its legal case against the SEC. What does this mean for crypto regulation in the US? Gary [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/FFDQuu2WUAMXoeo.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/7070"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=7070"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/7070\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/7071"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=7070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=7070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=7070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}