Having tightened its crypto regulatory policy deemed fundamentally unsuitable, the Securities and Exchange Commission (SEC) is challenged. The regulator seems more and more lonely. This is because fewer and fewer players in the US financial ecosystem agree with its strategy.
Chamber of Commerce slams SEC’s haphazard regulatory efforts
The SEC never ends with public and frontal disputes. About 3 weeks ago, SEC Chairman Gary Gensler was in the dock in Congress. A meeting intended to defend the relevance of the regulatory policy deployed by the SEC.
The least we can say is that the manager’s plea convinced no one. It is through this prism that we can understand reactions from the American Chamber of Commerceremained silent so far.
Indeed, this institution which defends the interests of trade and business has finally come out of its silence. The organization has publicly made known its position regarding the SEC’s crypto regulatory policy.
The Chamber of Commerce positions itself against an approach that it considers “messy”. Worse, she finds that by proceeding by strict application of the law, the SEC is creating a climate of total confusion. This, when all that is expected of her is to provide direction.
“The SEC has deliberately covered its tracks by claiming sweeping authority over digital assets while deploying a haphazard, law enforcement-based approach. This regulatory chaos is the result of design, not chance”can we read in an amicus curiae memo addressed to justice on Tuesday, May 9.
New support for Coinbase?
It must be said that this procedure is part of the recent legal actions taken against Coinbase. The Chamber did not fail to call on the SEC to follow up on the petition sent to it by the exchange. A formality that has so far remained unfulfilled while the regulator prides itself on being empowered to regulate the crypto sector.
The Chamber of Commerce thus provides grist to the mill of a recent court decision. The latter instructed the regulator to clarify its positions, within 10 days, by responding to Coinbase’s petition. The case is not over…
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