The Chamber of Digital Commerce, a major crypto advocacy group, filed a legal brief supporting binance-to-end-european-crypto-debit-card-in-december">Binance.US in its ongoing lawsuit with the SEC. The group argues the SEC is improperly expanding securities law to target crypto firms.
In the amicus brief, the Chamber said the SEC’s “regulation by enforcement” is creating a hostile environment, deterring crypto innovation and adoption in the US.
The SEC alleges Binance.US offered unregistered securities. But the Chamber contends there’s no clear framework for applying securities law to cryptocurrencies.
This echoes arguments from oinbase">Coinbase, Ripple, and others that the SEC is overreaching its authority. A court recently sided with Ripple against the SEC on similar grounds.
The Chamber likened the SEC’s mistake to accusing a grocery store of securities violations for selling fruit. Its brief supports pushback against crypto regulation through lawsuits rather than clear rules.
Industry leaders warn aggressive SEC tactics will only drive crypto innovation overseas as firms avoid the uncertain US regulatory environment. The Chamber aims to defend crypto’s growth both in court and in policymaking.
