The U.S. Chamber of Commerce recently came out in support of Coinbase's lawsuit against the Securities Exchange Commission (SEC) over their lack of digital asset-specific rulemaking. The Chamber argues that this inaction is causing "substantial economic harm" to the business community, and could push more digital asset companies to end their services in the U.S.

The SEC recently took enforcement action against Kraken's staking-as-a-service business, a move that the Chamber criticized as representing the agency’s "aggressive enforcement stance." This is adding to the uncertainty in the marketplace around digital assets, particularly in regards to Ether.

The SEC and the Commodity Futures Trading Commission (CFTC) have conflicting views on Ether's status and SEC Chair Gary Gensler has voiced his opinion on the matter during a Congressional hearing but has declining to provide a specific determinant. The Chamber's brief references the lack of clarity about Ether's status and notes its market capitalization, "exceeding $220 billion", and the integral role of this digital asset in the industry.

Coinbase has chosen to take a preemptive legal action against the SEC, gambling with their own terms instead of waiting for possible investigations or enforcement actions against their services. This move ties in to their request to the SEC's last summer as they argued that current financial markets laws are enough to regulate digital assets, and actively appealed for more rulemaking specific to digital assets.

Overall, the U.S. Chamber of Commerce is pushing the SEC to take shape and provide clear regulations to the digital asset industry and to the public, reducing the uncertainty and the possible stifling of future innovation. With their legal action, Coinbase is hoping for a more secure and transparent trading landscape and an official stance from the SEC.



Other News from Today