The Crypto Council for Innovation (CCI) recently filed an amicus brief to United States Securities and Exchange Commission (SEC), pressing a reply to the rulemaking petition submitted by Crypto firm Coinbase.

The SEC has been neglecting the 5 rulemaking petitions that prompted response and informational clarity regarding the Securities and Exchange Act providing judicial review. Comprehensive rule and regulation lack has made the firms in America to shift to other countries, where EU and UK are paving a way to foster innovation with technical leadership and secure the participants in the market.

The failure to respond to Coinbase’s petition caused tangible harm to an industry leading in the US. This was supported by the Global Market Insights that reported from a 40% to 29% decrease in the share of blockchain developers worldwide since 2018, loosing 2% of the market share per year.

Hence, lack of clarity on regulation stifles the development of the Digital Asset Economy, and the US Blockchain Developers are set back from further developing the technology and harnessing economic opportunities. The SEC is urged to lay out clear rules that encourages more innovation and growth, making US an attractive destination for existing and new developers.

Therefore, the CCI’s amicus brief emphasizes the need for an immediate response by the SEC of the five petitions, so as to provide better clarity of the Securities and Exchange Act and avoid harm caused to the American industry.



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