Chamber of Digital Commerce Files Brief on Behalf of Kraken in Controversial SEC Case
In a new development for the emerging U.S. cryptocurrency regulation landscape, the Chamber of Digital Commerce has voiced its backing for Kraken amid the exchange’s ongoing legal battle with the SEC.
This support was conveyed in February 27 court filing, as Kraken continues to counter allegations from the SEC that it operated unlawfully.
According to the new amicus curiae brief, the Chamber of Digital Commerce states that the SEC’s lawsuit alleging Kraken operated as an unlicensed securities exchange, broker, dealer, and clearing agency “poses a threat to the potential for sustained growth and success of the trillion-dollar blockchain community, the millions of people who participate in crypto markets, and the hundreds of crypto companies like Kraken that have attempted in good faith to comply with federal and state law as they innovate in a transformative industry.”
Originally filed in November 2023, the federal agency’s lawsuit alleges that Kraken “made hundreds of millions of dollars unlawfully facilitating the buying and selling of crypto asset securities” since September 2018.
1/ We're stepping in. We've filed an amicus curiae brief in the @SECgov v. @Kraken case. Our goal? To end the SEC’s attempt to regulate the #digitalasset industry WITHOUT legislative authority.https://t.co/tJ5oAwM8D2 pic.twitter.com/FclcrZWYjL
— Chamber of Digital Commerce (@DigitalChamber) February 27, 2024
The SEC has come under fire for its regulation-by-enforcement approach, doling out a string of lawsuits against crypto firms in recent years. Coinbase is currently locked in a similar legal battle with the SEC over the classification of tokens sold on the platform.
“Such a dramatic, new application of regulatory power will also inevitably cause
Read more on cryptonews.com
