- An amicus brief has been filed in the U.S District Court for the Western District of Washington.
- The Digital Chamber of Commerce has cast doubt on the SEC’s ability to regulate cryptocurrency.
The U.S. Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, have been targeted by the Chamber of Digital Commerce for their “regulation by enforcement” strategy, which poses a danger to the U.S. digital assets market and investors.
The Chamber of Digital Commerce argued in an amicus brief in the case SEC v. Wahi that the SEC’s classification of numerous cryptocurrencies as securities was unjust and should be overturned.
Regulation by Enforcement
A statement made by the Chamber of Digital Commerce states that the organization has filed an amicus brief in the United States District Court for the Western District of Washington. Asking for the SEC v. Wahi case to be dismissed and ending the SEC’s effort at “back door” regulation.
The Digital Chamber of Commerce has cast doubt on the Securities and Exchange Commission’s ability to regulate cryptocurrency. The question of whether the secondary market for cryptocurrencies constitutes “securities transactions” under the Securities Act of 1933 and the Securities Exchange Act of 1934 is also relevant.
Legal actions and enforcement have been taken by the SEC and other authorities. Despite their lack of rulemaking jurisdiction and the absence of crypto legislation from the U.S. Congress.
Chamber of Digital Commerce founder and CEO Perianne Boring stated:
“This case represents a stealthy, yet dramatic and unprecedented effort to expand the SEC’s jurisdiction reach and threatens the health and viability of the U.S. marketplace for digital assets.”
Coinbase, Paxos, and the Chamber of Digital Commerce are just a few of the crypto industry heavy hitters who have banded together to oppose the SEC’s attempted imposition of its authority over cryptocurrencies.
