In a surprising twist, the U.S. Chamber of Commerce has forged an unexpected alliance with the digital industries, marking a significant shift in their traditional position. This bold decision showcases their newfound backing for the technology sector.
Renowned as one of the nation’s leading business advocates, the U.S. Chamber has taken a remarkable leap into digital currencies, offering strong criticism of the Securities and Exchange Commission’s (SEC) approach towards ether, Coinbase, Kraken, and the broader digital asset industry.
The Chamber’s unexpected move has caused excitement within the U.S. cryptocurrency and digital economy communities. This daring stance from the Chamber serves as a testament to their unwavering dedication to fostering the growth and advancement of the digital asset industry in the United States.
The U.S. Commerce Chamber has supported Coinbase to promote the cryptocurrency industry. This support comes amidst an ongoing legal dispute between Coinbase and the SEC regarding regulating cryptocurrencies.
In a recent blog post, Paul Grewal, the Chief Legal Officer at Coinbase, bravely addressed a pressing issue. Coinbase took decisive action with resolute determination by filing a lawsuit in federal court. Their goal was to compel the Securities and Exchange Commission to provide an apparent response to their petition, which was submitted in July 2022.
Coinbase expressed its discontent after receiving a letter from the SEC in March, commonly known as the Wells notice. The Wells notice serves as a communication from the regulatory body to individuals or companies under investigation, indicating the SEC’s intention to pursue enforcement actions against them.
In response to Coinbase’s complaint from April 25, the SEC has been urged by the Chamber of Commerce to address the matter promptly. Coinbase seeks to compel the regulator to respond to its “petition for rulemaking” and provide more explicit regulatory guidelines for crypto firms operating in the country.
Among the groups supporting legal assistance for the Coinbase exchange, the Chamber of Commerce is one of them. Recently, Paradigm, a cryptocurrency firm led by Fred Ehrsam, one of the Co-founders at Coinbase, filed an additional amicus brief. In this brief, Paradigm expressed support for Coinbase in its legal battle. It argued that the SEC’s actions in the digital assets industry have severely hindered its growth as a budding industry.