Chamber of Digital Commerce Sides With Coinbase Over SEC

Chamber of Digital Commerce Sides With Coinbase Over SEC

Time Stamp: May 17, 2023 3:38 AM
Source Node: 2657655
  1. The Chamber of Digital Commerce makes a statement about the SEC vs Coinbase case.
  2. The entity has sided with Coinbase on the matter.
  3. It then urges the SEC to hasten its intention to set clear regulations for the industry.

The Chamber of Digital Commerce makes its statement. In the case of the SEC vs Coinbase, there was a recent development where the SEC says it needs more time to create a regulatory framework for the crypto industry. 

To this, many in the industry see it as nothing but a time to delay the inevitable. Others see it as the SEC taking advantage of the lack of regulation to hinder innovation and progress. While some say the SEC is looking to profit from the mayhem, one in particular says the SEC is just embarrassing itself. 

Most recently, the Chamber of Digital Commerce made it clear that they stand on the side of Coinbase. Specifically, it says that it firmly believes in fair policies which help foster innovation and growth for digital asset spaces. 

Thus, the Chamber of Digital Commerce tweeted its latest blog that further explores its statement. To highlight, the blog post says that the entity stands in solidarity with Coinbase. In addition, it also urges the SEC to pick up its pace and set clear rules for the industry.

According to the statement, the entity states that Coinbase has been instrumental in the growth and advancement of this transformative industry, earning its reputation as a prominent contributor. 

So, it commends Coinbase’s dedication to compliance, safeguarding consumers, and establishing a secure platform for users. Also, Coinbase’s proactive approach to engaging with regulators and its focus on building robust compliance frameworks sets an admirable example for the entire industry.

This unwavering support for a comprehensive policy framework starkly contrasts with the SEC’s approach, as the agency claims to regulate an industry for which it consistently avoids establishing clear and definitive policies. 

It also states how the recent scrutiny faced by Coinbase from the SEC raises concerns about the impartiality of regulatory treatment and the potential negative impact on innovation. To which one of the responses raises concern that the entity made no such statement with Ripple has been fighting the SEC for years.

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