Cardano’s Hydra Scaling Live on Mainnet as SEC Slammed
• The United States Chamber of Commerce has joined forces with the crypto industry and accused the Securities and Exchange Commission (SEC) of deliberately muddying the waters by claiming sweeping authority over digital assets.
• The Chamber argued that the SEC’s refusal to establish a regulatory system for the industry subverts due process, administrative law, and good governance.
• It also pointed out that its lack of clarity had discouraged further investments in cryptocurrencies, curtailing growth in the sector.
US Chamber of Commerce Supports Crypto Industry
The US Chamber of Commerce has sided with Coinbase and other members of the crypto industry, publicly criticizing the actions taken by the Securities and Exchange Commission (SEC). In a recent court filing on May 9th, the advocacy group argued that SEC’s approach to regulating digital assets was „haphazard“ and „enforcement-based“, while undermining due process and good governance.
SEC’s Actions Curtailing Growth
The Chamber wrote that before 2021, when SEC began its regulatory shakedown, cryptocurrency had quickly grown into a trillion-dollar market. However, it noted that since then „the current Commission-fostered uncertainty has lowered the industry’s growth ceiling by discouraging further investment.“
Opposition to SEC Authority
The organization also opposed SEC’s claim of having sweeping authority over digital assets. It argued that such a position denies citizens their constitutional rights because it does not give them adequate notice as to what constitutes unlawful conduct in this space. Furthermore, it noted how such an action undermines public trust in securities laws enforcement by creating an environment where investors are left guessing what is allowed or not allowed under current regulations.
Right to Due Process
Moreover, the Chamber highlighted how denying citizens their right to due process leaves them without any means of redress should they be wrongfully charged or fined for violating securities laws they had no knowledge existed in relation to cryptocurrencies. It further argued that these issues could have been avoided if only there was more clarity from regulators on this matter from earlier on.
In conclusion, U.S Chamber of Commerce’s criticism towards SEC shows support for Coinbase and other members of crypto industry affected by its actions against digital assets regulation. This comes as yet another example of institutions expressing discontent towards regulator’s unclear stance on cryptocurrencies which does nothing but discourage investors from participating in this space.