The Chamber of Digital Commerce filed an amicus brief in Wahi asserting that the SEC has failed to give sufficient guidance on which digital asset transactions should be deemed ‘securities transactions,’ and that this SEC litigation is a misguided exercise in regulation by enforcement, which could significantly harm sectors of the digital asset industry and the investing public itself. We also noted that the SEC’s efforts are occurring at a time when the agency’s authority to regulate digital assets is being questioned by Congress.

While we appreciate that the SEC has agreed to abandon this dispute without any admission by the Wahi defendants that the digital assets themselves are securities under U.S. law, the crucial matters the Chamber raised in its amicus filing remain unresolved. Our industry requires certainty and clarity in the regulatory space, rather than enforcement actions that further undercut confidence and raise more questions among innovators and investors.