Does the US Chamber of Commerce support Coinbase?

The US Chamber of Commerce has expressed its support for Coinbase in its legal battle with the SEC over its proposed lending product. The Chamber filed an amicus brief in which it criticized the SEC for its lack of clarity and consistency in regulating digital assets.

Why did Coinbase not respond to the SEC?

Coinbase filed a petition in July 2022 asking the SEC to propose and adopt rules for digital assets. By not responding to Coinbase, the Chamber said the SEC is “substantial economic harm.” “Industry confusion about the rules—and whether they can even be satisfied—hampers innovation,” the Chamber said.

Why did the US Chamber of Commerce file an amicus brief?

The U.S. Chamber of Commerce has filed an amicus brief to support Coinbase and the digital assets sector as the crypto exchange demands that the Securities and Exchange Commission (SEC) respond to its request for clarity on crypto asset regulation.

Can Coinbase defend itself in court?

At the time, a person with knowledge of the matter told Decrypt that the exchange was "confident" it could defend itself in court. Coinbase's chief legal officer Paul Grewal has since shared the exchange's response to SEC's "vague and broad" Wells notice in a blog post.