In a dramatic turn of events, the United States Chamber of Commerce, the world’s most prominent business organization, has publicly supported cryptocurrency exchange Coinbase in its battle against the Securities and Exchange Commission (SEC). The Chamber has rebuked the SEC for its “erratic, enforcement-oriented approach” to regulating cryptocurrency. Notably, this contradicts the agency’s previous stance, as the SEC has argued that cryptocurrencies are securities that must be registered with the Commission.
The Chamber’s move has given Coinbase fresh hope in its dispute with the SEC, and it has certainly surprised many observers in the cryptocurrency sphere. Coinbase was initially taken to court by the SEC for trading in digital assets that the Commission deemed to be securities, and the exchange is now asking a federal court to determine whether the SEC’s enforcement activities were lawful.
The US Chamber of Commerce’s latest decision has added considerable weight to Coinbase’s case and is likely to cause the SEC to think twice about its stance on cryptocurrency regulation. As for the outcome of Coinbase’s legal battle with the SEC, we will have to wait and see.
