Coinbase just picked up a major ally in its fight against the Securities and Exchange Commission (SEC)…
Coinbase is the largest U.S.-based crypto exchange, with over 100 million customers and $80 billion in assets under management.
In March, the SEC accused the exchange of offering and selling unregistered securities in violation of federal law.
The SEC has used unregistered offering and sale violations to force other crypto exchanges to close services in the U.S., including crypto exchange Kraken.
Last month, Coinbase sued the SEC, asking a federal judge to force the regulator to share its answer on Coinbase’s July 2022 petition on whether existing securities rule-making processes could be extended to the crypto industry.
On Friday, Coinbase added a powerful ally: the U.S. Chamber of Commerce.
The Chamber is the largest lobbying group in the United States and represents more than 3 million businesses.
The Chamber filed an amicus brief (commonly referred to as “friend of the court” brief) on behalf of Coinbase. In the brief, the Chamber criticizes the SEC for its lack of clarity and consistency in regulating digital assets.
The Chamber also argues that the SEC’s actions could have far-reaching implications for the broader crypto industry, and that the agency’s regulatory overreach could stifle innovation and growth in the sector.
Over the past few months, the political lobbying power of crypto has been growing. And it’s a trend we’re following closely at Palm Beach Research Group..
In May’s Palm Beach Pioneer issue, Teeka Tiwari’s co-editor and crypto insider, Graham Friedman, wrote:
The Web3 community is raising funds and enlisting former politicians to take on D.C. It’s also creating a new grassroots movement. One that can become a single-issue voting bloc…
Politicians won’t be able to disenfranchise a group that large and expect to maintain political power.
(Pioneer subscribers can read the issue right here.)
As Graham states in the issue, the Blockchain Alliance is seeking to raise $100 million to lobby Washington for more favorable regulation. Some crypto entrepreneurs are even running for office.
So the crypto community is gearing up to fight back…
While the SEC is creating a hostile regulatory environment for crypto, Teeka has obtained critical intel that a new banking regime is set to take effect June 1.
According to Teeka, this banking regime could open the doors to $20 trillion of investable capital into digital assets.
You can find out more right here.
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Regards,
Chaka Ferguson
Editorial Director, Palm Beach Daily