• Home
  • Live Crypto Price
  • Contact
No Result
View All Result
  • Home
  • Live Crypto Price
  • Contact
No Result
View All Result
No Result
View All Result
Home Cryptocurrency

SEC Slammed By U.S. Chamber Of Commerce For Regulatory Approach To Cryptocurrencies In Coinbase Filing

BtcCasey by BtcCasey
May 11, 2023
in Cryptocurrency
0 0
0
SEC Slammed By U.S. Chamber Of Commerce For Regulatory Approach To Cryptocurrencies In Coinbase Filing
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter




The Securities and Exchange Commission (SEC) is facing criticism from the United States Chamber of Commerce over its lack of clarity regarding which digital assets are securities under federal law. This issue has “immense implications for every person involved in the $1 trillion digital-asset economy,” a court filing by the Chamber states.

According to the filing, the SEC has refused to engage in any systematic process or rulemaking to explain what its claimed authority means, instead offering one-off enforcement actions and public speeches. This has created regulatory uncertainty and destabilized the regulatory environment for digital assets.

In July 2022, Coinbase petitioned the SEC to initiate a rulemaking regarding digital-asset securities. It urged the Commission to answer basic questions such as “which digital assets are securities?” More than 1,700 commenters echoed Coinbase’s call, but the SEC expressed no interest in addressing Coinbase’s request, according to the Chamber. Coinbase then pursued a lawsuit against the SEC in order to compel the regulator into action, which is where the filing by the U.S. Chamber of Commerce comes from.

The SEC’s Chairman has asserted that the securities laws are unambiguous as applied to blockchain-based digital assets. Despite constructively denying Coinbase’s petition, the SEC has refused to memorialize its decision in a formal response.

According to the Chamber, the SEC’s lack of clarity has caused economic harm to both Coinbase and the broader business community. The uncertainty deters productive conduct and stifles innovation and undermines broader American economic and strategic interests. Continued uncertainty also has implications for the nation’s geopolitical interests and the continued primacy of the dollar, given the increasing relevance of digital assets to international monetary policy.

The SEC’s refusal to engage in rulemaking or respond to Coinbase’s rulemaking petition has destabilized the regulatory environment for digital assets, the Chamber states.

“Agencies ordinarily provide regulatory clarity by promulgating rules of general applicability,” the filing says. “This preference for rulemaking has important benefits: It forces agencies to put to paper their regulatory plans, and it provides for fixed, prospective effective dates that ensure parties can bring their conduct into conformance with the law rather than be held liable later for violating duties they did not know existed.”



Source link

Previous Post

Bitget Introduces the BRC20 Zone and Lists Ordinals (ORDI) – Press release Bitcoin News

Next Post

Do Kwon to Be Released on €400,000 Bail, Pleads Not Guilty in Montenegro – Bitcoin News

BtcCasey

BtcCasey

Next Post
Do Kwon to Be Released on €400,000 Bail, Pleads Not Guilty in Montenegro – Bitcoin News

Do Kwon to Be Released on €400,000 Bail, Pleads Not Guilty in Montenegro – Bitcoin News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

May 5, 2022
BOLT12, LNURL And Bitcoin Lightning

BOLT12, LNURL And Bitcoin Lightning

June 20, 2022
Jack Dorsey Muses on Social Media ‘Takeover,’ Ethereum Weaknesses; Plus the Latest in Crypto Mining — Bitcoin.com News Week in Review – The Weekly Bitcoin News

Jack Dorsey Muses on Social Media ‘Takeover,’ Ethereum Weaknesses; Plus the Latest in Crypto Mining — Bitcoin.com News Week in Review – The Weekly Bitcoin News

April 24, 2022
Luna Foundation Acquires An Additional 37.8k Bitcoin Worth $1.5B, Bringing its Total Holdings to 80,394 BTC

Luna Foundation Acquires An Additional 37.8k Bitcoin Worth $1.5B, Bringing its Total Holdings to 80,394 BTC

May 6, 2022
Bitcoin Is Our Weapon In The War Of Ideas

Bitcoin Is Our Weapon In The War Of Ideas

0
Allianz Chief Economic Advisor Predicts Bitcoin Going Higher Amid Inflation

Allianz Chief Economic Advisor Predicts Bitcoin Going Higher Amid Inflation

0
Insurance Considerations For Bitcoin Miners

Insurance Considerations For Bitcoin Miners

0
Becoming A Sovereign Individual With Bitcoin

Becoming A Sovereign Individual With Bitcoin

0
How My Bitcoin Mining Firm Is Surviving Crypto Winter, Again

How My Bitcoin Mining Firm Is Surviving Crypto Winter, Again

June 7, 2023
Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

June 6, 2023
Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

June 5, 2023
Fidelity Investments Has Opened Bitcoin Trading To The Public During Ongoing Banking Crisis

Three Reasons Behind Bitcoin's 2023 Resurgence

June 4, 2023

Recommended

How My Bitcoin Mining Firm Is Surviving Crypto Winter, Again

How My Bitcoin Mining Firm Is Surviving Crypto Winter, Again

June 7, 2023
Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

June 6, 2023
Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

June 5, 2023
Fidelity Investments Has Opened Bitcoin Trading To The Public During Ongoing Banking Crisis

Three Reasons Behind Bitcoin's 2023 Resurgence

June 4, 2023

About Us

We bring you the latest bitcoin news from all over the internet

Categories

  • Cryptocurrency
  • Latest
No Result
View All Result
  • Home
  • Live Crypto Price
  • Contact

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In