U.S. Chamber of Commerce backs Coinbase and criticizes SEC

The U.S. Chamber of Commerce supports crypto exchange Coinbase in its legal battle with the SEC, calling the agency's actions illegal.

The U.S. Chamber of Commerce on May 9 issued a amicus brief filed criticizing the U.S. Securities and Exchange Commission (SEC) in the case against crypto exchange Coinbase. The parties are in litigation. After the SEC threatened to sue for illegal securities trading, the countersuit followed. Coinbase demands regulatory clarity.

Meanwhile, the Chamber of Commerce criticizes the agency. "The SEC has deliberately muddied the waters by claiming broad authority over digital assets while taking an arbitrary approach based on enforcement actions," the letter said.

It continues, "As it stands, no one knows for sure which digital assets are 'securities' according to the SEC, and therefore subject to federal law."

The United States Chamber of Commerce is the largest business lobbying group in the United States, representing the interests of more than three million businesses and trade associations in all industries.

Meanwhile, the SEC continues to take action in the crypto sector. Marathon Digital, an American Bitcoin mining company, zei on Wednesday that it had received a new subpoena from the agency. According to the filing, the SEC is investigating possible violations of federal securities laws.

In addition, the SEC has been sued by the watchdog organization Empower Oversight. They demand the disclosure of documents to shed light on internal conflicts of former executives in evaluating cryptocurrencies.