Is the SEC slamming Coinbase?

The U.S. Chamber of Commerce called out the Securities and Exchange Commission (SEC) on Thursday, slamming the financial watchdog for its regulatory approach toward the digital asset industry. It filed an amicus brief in support of Coinbase, which took the SEC to court last month.

Why does the Chamber of Commerce support Coinbase vs SEC?

In the amicus brief filed in the case of Coinbase vs. SEC, the Chamber of Commerce said that it supports Coinbase as it seeks to get regulatory clarity on what a security is in the eyes of the SEC.

What is the Coinbase scam & why is it a big deal?

The case is the first of its kind. U.S. prosecutors accused the individuals of plotting to profit from the listing of new tokens on the Coinbase platform before they were announced publicly. In a separate complaint filed Thursday, the SEC said that nine of the 25 tokens allegedly traded in the scheme were securities.

Is the US SEC causing economic harm to Coinbase?

The US Chamber of Commerce voiced its support for Coinbase in a new filing on Tuesday, May 9. It said that, by refusing to respond to Coinbase in its petition to get a clearer regulatory picture, the US SEC is “causing substantial economic harm to both Coinbase and the broader business community.”