The Chamber of Digital Commerce backs Coinbase in SEC fight
The Chamber of Digital Commerce is a leading digital asset and blockchain trading association that aims to promote the use and acceptance of blockchain and crypto-based technologies. It works closely with regulatory agencies, industries, and policymakers through advocacy and education. The digital asset and blockchain industry has been consistently waiting to see changes in the regulatory policy framework from the Securities and Exchange Commission, requesting oversight to carry out their operations legally.
The Chamber of Digital Commerce strongly believes in creating an environment that allows innovative measures to thrive in the digital asset industry and ensures equitable regulatory treatment for every participant. The association stands in solidarity with the cryptocurrency trading platform Coinbase in its current legal battle with the SEC.
According to Coinbase Exchange Review, Coinbase has made substantial contributions to the development and innovation of the transformative digital industry. The association commends its commitment to consumer protection, building a secure online trading platform, and compliance to provide the crypto exchange platform to its users. The proactive engagement of Coinbase with leading regulators and having strong focus on creating a firm compliance framework are worth noting as they have put forward an excellent example for all the participants of the digital industry.
The support of The Chamber of Digital Commerce for a robust policy framework contrasts with the Securities and Exchange Commission, which claims to monitor and regulate the industry but is adamant in refusing to set clear-cut policies.
The SEC’s legal scrutiny has raised concerns about its unbiasedness in regulatory treatment and its potential impact on innovation. To regulate by enforcement is indeed an abdication of the regulatory organization’s mission: to promote transparent and fair processes that allow a well-functioning digital market, foster the regulatory environment, and provide clarity that encourages innovation while protecting customer interests.
The Chamber of Digital Commerce urges SEC to use balanced judgment during their communications with blockchain companies such as Coinbase and ensure that their regulatory actions and policies are guided by the understanding of key features and the potential of the rapidly changing industry.
A digital asset ecosystem that is well-regulated can achieve immense opportunities for financial inclusion, economic growth, and job creation. The association is fully committed to functioning collaboratively with industry stakeholders, regulators, and policymakers, with an aim to foster an enabling regulatory landscape, striking a perfect balance between innovation, consumer protection, and market integrity. It believes that uniting and championing forces and policies can assist the industry and help shape an enabling digital environment that benefits every position and participant in the United States’ crucial sector.