Crypto and lobbying groups are drumming up their support for Coinbase in its call for the SEC to write rules for the crypto industry.
The Crypto Council for Innovation, crypto investment firm Paradigm, the U.S. Chamber of Commerce and others are expressing their support for Coinbase in its call for the Securities and Exchange Commission to write rules for the crypto industry.
This comes as the SEC has charged a slew of major crypto firms, including Coinbase, for operating as an unregistered exchange, which is ongoing. The U.S. Chamber of Commerce, the world's largest business lobbying group representing three million businesses, said some of its members are firms subject to securities laws that they say could be "adversely affected" by the SEC's pushback to write rules for the crypto industry.
"The SEC’s failure to provide clarity for this important new industry offers a case study in the dangers of refusing to adapt regulation to new circumstances," the Chamber said. Crypto operates much differently than securities, Paradigm argued in its amicus brief. The SEC's focus on an issuer that would make business decisions and make certain disclosures doesn't line up with crypto, Paradigm said.
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