The Chamber of Digital Commerce joins the digital asset industry to challenge the SEC’s lawsuit against Binance.
United States-based advocacy group, the Chamber of Digital Commerce, claims the SEC employs the enforcement-based method to classify digital assets as securities and impose penalties on cryptocurrency businesses.
“The SEC continues to try to regulate the entire digital asset ecosystem through enforcement actions, instead of issuing guidance or going through the proper notice and comment rulemaking channels. The enforcement actions are paralyzing the market and sending digital asset innovation overseas.” The organization argues that the SEC employs the enforcement-based method to classify digital assets as securities and impose penalties on cryptocurrency businesses. It claims this approach hampers innovation and compels crypto companies to relocate abroad.
Furthermore, the Chamber states that the SEC lacks the congressional authority to oversee all digital assets as securities. While legislative bodies endeavor to establish a regulatory framework, the SEC’s actions pose risks to the industry and its stakeholders, it stated.
asserting that the SEC has exceeded its jurisdiction. Binance.US has also criticized the SEC’s recent document discovery and deposition requests as “unreasonable.“
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