American Digital Chamber of Commerce: The SEC’s insider trading case against former employees of Coinbase should be rejected

It is reported that in a non-party opinion statement submitted to the court, the Chamber of Digital Commerce, headquartered in the United States, believed that the insider trading case of the United States Securities and Exchange Commission (SEC) against the former employees of Coinbase should be rejected, because it represents the expansion of the enforcement and supervision movement of the United States Securities and Exchange Commission, and tried to characterize the secondary market transactions of cryptocurrency as securities transactions. The Digital Chamber of Commerce stressed that the US SEC had never been authorized by Congress to invade the digital asset market, and pointed out that in other cases of the Supreme Court, regulators must first be authorized by Congress.

Interpretation of this information:

The Chamber of Digital Commerce, a US-based organization, has filed an opinion statement with the court regarding the insider trading case filed by the SEC against former Coinbase employees. The chamber believes that the case should be rejected as it represents an expansion of the US SEC’s regulatory scope, attempting to classify cryptocurrency secondary market transactions as securities transactions. The chamber asserts that the SEC does not have the authorization to monitor the digital asset market as it has not been authorized by Congress. Moreover, the chamber highlights that, as per past Supreme Court rulings, regulatory bodies must receive congressional authorization before enforcing such actions.

The Chamber of Digital Commerce is one of the leading trade organizations representing the digital asset and blockchain industry. In this statement, the chamber has entered some of its deep concerns, which are shared by the industry, regarding the regulatory impact on the emerging cryptocurrency asset class. The Chamber of Digital Commerce’s statement represents a strong response to the SEC’s position and may be a sign of future legal battles. The chamber’s standpoint indicates that the industry may continue to struggle against regulatory authorities’ attempts to classify cryptocurrencies as securities.