The World’s Leading Blockchain & Ddigital asset trade association, Chamber of Digital Commerce in the United States has united with digital asset firms, legal authorities, and legislators to challenge the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Binance.
Their collaborative effort involves filing a legal document that questions the SEC’s attempts to regulate the cryptocurrency sector without explicit approval from Congress and its heavy reliance on enforcement actions.
Cody Carbone, who serves as the Vice President of Policy at the Chamber of Digital Commerce, believes the SEC’s strict enforcement approach is having a negative impact on the crypto market and causing innovation to go elsewhere.
Cody Carbone said, “The SEC continues to try to regulate the entire digital asset ecosystem through enforcement actions, instead of issuing guidance or going through the proper notice and comment rulemaking channels. The enforcement actions are paralyzing the market and sending digital asset innovation overseas.”
The Chamber argues that the SEC lacks the authority to classify all digital assets as securities and is advocating for the lawsuit’s dismissal.
Binance entities and CEO Changpeng Zhao are pushing back against the SEC lawsuit, arguing the SEC’s actions go beyond their jurisdiction, with their legal team opposing what they consider overly intrusive information requests.
The collaboration between the Chamber of Digital Commerce and industry players signals a growing concern over the SEC’s regulatory approach to cryptocurrencies, with many believing that it is stifling innovation and needs reevaluation.
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