The U.S. Chamber of Commerce has joined Coinbase in calling for SEC regulatory clarity on digital currency exchanges

Coinbase’s attempts to have the U.S. Securities and Exchange Commission (SEC) provide regulatory guidelines on crypto assets have the backing of the U.S. Chamber of Commerce.

In April, the largest cryptocurrency exchange in the United States petitioned the Securities and Exchange Commission (SEC) for digital asset sector advice.

Since Coinbase’s first regulation petition submission in July, the company has heard nothing more than silence.

The Chamber of Commerce has backed Coinbase’s appeal with a formal document known as an amicus brief, which was filed this week. The SEC’s crypto regulation, according to the Chamber, violates “basic tenets of due process, administrative law, and good governance.”

No one can say with certainty at this time whether digital assets, if any, are securities under federal law. That’s not a trivial query. It’s the fundamental regulatory challenge from which all others stem, and it has far-reaching consequences for everyone participating in the $1 trillion digital-asset ecosystem.

Despite professing to be the go-to authority on digital assets, the SEC in the United States has stubbornly failed to answer this fundamental issue. Instead, the Commission has provided a string of isolated enforcement actions, along with public speeches and other pronouncements that one commissioner has characterized as “confusing, unhelpful, and inconsistent.” It also hasn’t participated in regulation or any other systematic effort to define the scope of its claimed jurisdiction.

The Securities and Exchange Commission informed cryptocurrency exchange Coinbase in March that it had reached a “preliminary determination” to suggest bringing an enforcement action against the company for potential violations of securities laws.

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