{"id":178628,"date":"2023-10-21T19:09:41","date_gmt":"2023-10-21T13:39:41","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=178628"},"modified":"2023-10-21T19:09:41","modified_gmt":"2023-10-21T13:39:41","slug":"us-chamber-of-digital-commerce-files-motion-to-dismiss-sec-case-against-binance-likens-it-to-suing-grocery-store-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/us-chamber-of-digital-commerce-files-motion-to-dismiss-sec-case-against-binance-likens-it-to-suing-grocery-store-crypto-news\/","title":{"rendered":"US Chamber of Digital Commerce files motion to dismiss SEC case against Binance, likens it to suing grocery store – Crypto News"},"content":{"rendered":"

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\"Stop<\/a><\/div>\n

The ongoing battle between the U.S. Securities and Exchange Commission (SEC) and Binance, a global cryptocurrency exchange, has received vocal support from the U.S. Chamber of Digital Commerce, a prominent crypto advocacy group.<\/p>\n

In an amicus brief filed on Oct. 19, the organization asserted that the SEC\u2019s actions against Binance\u2019s U.S. operations are akin to \u201csuing the equivalent of a grocery store selling oranges and other fruit.\u201d<\/p>\n

SEC\u2019s understanding is flawed<\/h2>\n

The Chamber\u2019s brief reflects growing concerns within the cryptocurrency industry that the SEC\u2019s regulatory stance is stifling financial innovation and driving crypto startups away from the United States.\u00a0The group further contends that the SEC\u2019s understanding of crypto assets is fundamentally flawed.<\/p>\n

The Chamber stated in the filing:<\/p>\n

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\u201cTokens alone are not securities, and the markets where they are available to buy and sell are not securities exchanges.\u201d<\/p>\n<\/blockquote>\n

Under the leadership of Chairman Gary Gensler, the SEC has initiated numerous enforcement actions against digital asset companies, including some of the largest cryptocurrency exchanges globally, such as Binance, Coinbase, and Kraken.<\/p>\n

The alleged violations include offering unregistered staking-as-a-service products and listing coins potentially violating securities laws. These exchanges have countered these claims by arguing that the SEC has not provided clear guidelines regarding which cryptocurrencies qualify as securities.<\/p>\n

Misclassification<\/h2>\n

The lobbying group has criticized the SEC\u2019s approach, claiming it fails to distinguish between \u201cthe subject of an investment-contract security\u201d and \u201cthe investment contract itself.\u201d<\/p>\n

According to the Chamber, this failure has misclassified many crypto tokens as unregistered securities.<\/p>\n

According to the brief:<\/p>\n

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\u201cThe SEC has adopted a regulation-by-enforcement approach, arbitrarily categorizing various blockchain-based digital assets as securities and penalizing businesses for failing to obtain SEC registrations that are not actually available to them.\u201d<\/p>\n<\/blockquote>\n

The trade body said that the U.S. has been a hub for the world\u2019s digital economy, fostering the growth of major technology companies such as IBM, Microsoft, Netflix, Facebook, Amazon, Apple, and Google.<\/p>\n

However, the burgeoning trillion-dollar blockchain economy is notably absent from the U.S. landscape due to what the Chamber describes as an \u201copaque and hostile\u201d regulatory environment.<\/p>\n

The Chamber\u2019s amicus brief asserts that blockchain technology has the potential to revolutionize various industries, from supply chain management to pharmaceuticals. Still, the SEC\u2019s regulatory approach is forcing many blockchain businesses to operate offshore.<\/p>\n

The Chamber argues that the SEC\u2019s lawsuit against Binance is an overreach and likens it to suing a grocery store for selling oranges. The group urged the court to distinguish between investment contracts and the assets themselves and calls for dismissing the case, claiming that the SEC\u2019s actions have a detrimental impact on innovation and the digital economy.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The ongoing battle between the U.S. Securities and Exchange Commission (SEC) and Binance, a global cryptocurrency exchange, has received vocal support from the U.S. Chamber of Digital Commerce, a prominent crypto advocacy group. In an amicus brief filed on Oct. 19, the organization asserted that the SEC\u2019s actions against Binance\u2019s U.S. operations are akin to […]<\/p>\n","protected":false},"author":2,"featured_media":160807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-178628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=178628"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178628\/revisions"}],"predecessor-version":[{"id":178630,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178628\/revisions\/178630"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/160807"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=178628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=178628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=178628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}