The lawsuit initiated by the US-based cryptocurrency exchange Coinbase against the Securities and Exchange Commission (SEC) received support from large institutions.
The lawsuit filed by Coinbase against the SEC has received support from major institutions. SEC’s cryptocurrency rules and definitions vague demeanor Coinbase, who wanted him to put an end to the incident, took a determined stance. to the U.S. Third Circuit Court of Appeals had carried. Venture capital firm against this stance against the SEC paradigm And US Chamber of Commerce was also included.
The United States Court of Appeals for those groups approved his participation in the case. In a recent statement by Paradigm, the SEC’s meddlesome behavior criticized and litigation Standing next to Coinbase specified:
The digital asset industry is stuck in uncertainty, simultaneously saying “come and sign up” but there is no effective way to do it. It’s no surprise that the SEC’s actions have crippled an emerging industry and created confusion among the myriad of firms that fail to comply with the SEC’s lawful view or challenge it in court.
The $1 Trillion Question
Questions posed by Coinbase as the US Chamber of Commerce criticizes the SEC’s behavior worth $1 trillion It was emphasized that it is important for the fate of an industry. Chamber of Commerce, SEC and U.S. Commodity Futures Trading Commission (CFTC) He condemned the indecisive attitude of the institution, especially the differences of opinion between the parties, with the following statements:
No one knows for sure which digital assets are ‘securities’ under federal law. This is no small question. This has tremendous implications for everyone involved in the $1 trillion digital asset economy and is the threshold regulatory question others flow into.
In its filing with the court in support of this lawsuit, the agency noted that the SEC’s failure to respond directly to Coinbase’s request was to both Coinbase and the wider business community. significant economic damage argued that he did.
In addition, the chamber of commerce of kraken He also criticized the enforcement of sanctions against staking-as-a-service. Kraken offers Ether staking services as a result of US pressure had ended. Chamber of Commerce, Ethereum 10 years of history He pointed out its importance for the sector by referring to:
Ether has been around for almost a decade, with a market cap of over $220 billion and is a fundamental building block in the industry. Yet despite the ubiquity of Ether, regulators still disagree on what it is.
Finally, the appeals court asked the SEC to respond to these questions. 10 days period had known. This is after 2 days 14 May will expire on.