It’s a rare moment in public policy history when an industry and large industry players have for years – and fairly consistently – asked a federal agency that may have oversight to actually do its job and create a policy framework for them. It’s even rarer when that agency essentially says, “Yeah, maybe we’ll get to that.” But that’s what the digital asset industry has been seeking from the Securities and Exchange Commission (SEC), and that’s what the SEC just told Coinbase in a court filing.
The Chamber of Digital Commerce firmly believes in fostering an environment that enables innovation to thrive and ensures impartial regulatory treatment for all participants in the digital asset industry. As the world’s leading blockchain and digital asset trade association, we stand in solidarity with Coinbase in their ongoing legal battle against the Securities and Exchange Commission (SEC).
Coinbase, as one of the most prominent players in the digital asset ecosystem, has made significant contributions to the growth and development of this transformative industry. We commend their commitment to compliance, consumer protection, and fostering a secure platform for users. Coinbase’s proactive engagement with regulators and its focus on establishing robust compliance frameworks have set a commendable example for the entire industry.
This support for a strong policy framework stands in stark contrast to the SEC, which claims to regulate an industry for which it stubbornly refuses to set clear and certain policies. The recent legal scrutiny by the SEC also raises concerns about the impartiality of regulatory treatment and the potential chilling effect it may have on innovation. Regulation by enforcement is an abdication of a regulatory body’s mission: to engage in fair and transparent processes that encourage a fair, well-functioning market, provide clarity, and foster a regulatory environment that promotes innovation while safeguarding investor interests.
We urge the SEC to exercise fair and balanced judgment in their interactions with digital asset companies, including Coinbase, and to ensure that regulatory actions are guided by a clear understanding of the unique characteristics and potential of this rapidly evolving industry. A well-regulated digital asset ecosystem can unlock immense opportunities for economic growth, job creation, and financial inclusion.
The Chamber of Digital Commerce remains committed to working collaboratively with policymakers, regulators, and industry stakeholders to foster a regulatory landscape that strikes the right balance between consumer protection, market integrity, and innovation. We believe that by joining forces and championing common-sense policies, we can help shape a vibrant digital asset industry that benefits all participants and positions the United States as a global leader in this crucial sector.
We stand with Coinbase and any entity that advocates regulatory fairness and works towards the advancement of common-sense policies that allow innovations to flourish in the United States.