Coinbase has gained support from the world’s biggest business group in its battle against the SEC.
The U.S. Chamber of Commerce submitted an amicus brief in support of Coinbase with the U.S. Court of Appeals on May 9, accusing the SEC of fostering an unsafe and unpredictable environment on purpose for cryptocurrency businesses in the United States.
The phrase “amicus is derived from the Latin phrase “friend of the court”, and the word “amicus brief” is used to describe the input of non-party observers to a legal proceeding.
Coinbase filed a complaint with the SEC on April 25 asking the agency to react to its “petition for rulemaking” and clarify regulations for cryptocurrency businesses operating in the nation.
Following the March Wells warning from the SEC on the crypto exchange’s “potential violation” of U.S. securities law, the lawsuit was filed.
The action filed by Coinbase does not seek the court to compel the SEC to create new regulations for cryptocurrencies.
It was emphasized that this subject has “immense implications” for “every person involved” in the developing digital-asset sector that is estimated to be worth $1 trillion. Coinbase has legal backing from more than just the Chamber of Commerce.
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