• In April, Coinbase took the US Securities and Exchange Commission to court in order to clarify U.S. crypto regulations.
• The US Chamber of Commerce has now filed an amicus brief in support of Coinbase, arguing that the SEC’s delay stifles economic growth and innovation.
• The business advocacy group further bashed the SEC’s campaign of regulation by enforcement absent of clear guidelines as “unlawful”.
Coinbase Takes Legal Action Against SEC
In April, Coinbase took a bold step by suing the U.S. Securities and Exchange Commission (SEC) in hopes of clearing the confusion around crypto regulations in the United States that continues to push businesses abroad.
U.S Chamber of Commerce Backs Coinbase
The U.S Chamber of Commerce has now opted to support Coinbase in its lawsuit against the SEC by filing an amicus brief on Tuesday, May 9th. An amicus brief is a legal document filed by entities having a strong interest in a case they are not a party to. The business advocacy group argued that the delayed response from the SEC stifled economic growth and innovation for crypto and hurt its regulatory landscape, describing it as „unlawful“.
Effects of Amicus Brief
On May 4th, The court had given the SEC ten days to respond to Coinbase’s petition—but according to securities lawyer James “MetaLawMan” Murphy, this latest amicus brief could throw a wrench into any plans involving delay with broader effects beyond just this case alone..
This support from one of America’s most influential business organizations could have significant effects beyond just this case itself if upheld by courts—potentially leading to more clarity when it comes to cryptocurrency regulation across multiple countries around the world which would benefit both businesses and consumers alike who seek access to these new digital assets without fear or confusion surrounding their legality..
It remains uncertain whether or not this move will have any meaningful impact on changing existing laws or creating new ones but what is certain is that backing from such an influential organization like the US Chamber of Commerce could go a long way towards making positive change when it comes down cryptocurrencies being seen as legitimate financial instruments under current law worldwide