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Crypto Council for Innovation Backs Coinbase Against SEC
The Crypto Council for Innovation (CCI) recently filed an amicus brief in support of Coinbase’s challenge against the Securities and Exchange Commission (SEC) denial of its rulemaking petition. This move by CCI highlights the ongoing legal battle in the crypto space.
Understanding Amicus Briefs
Amicus curiae briefs, such as the one filed by CCI, are written by individuals or groups not directly involved in a legal case. These briefs provide additional legal arguments and recommendations to the court, offering a different perspective on the matter at hand.
CCI’s Stance on SEC’s Actions
The CCI, a collective of members from the crypto ecosystem, aims to promote responsible global regulation. According to Ji Kim, General Counsel and Head of Global Policy at CCI, the SEC’s enforcement practices without proper rulemaking violate the Administrative Procedure Act and pose a threat to the digital assets industry.
In their amicus brief, CCI emphasizes that the SEC’s lack of clear guidelines and formal rulemaking creates uncertainty and hampers industry development.
Coinbase’s Legal Actions
In response to the SEC’s actions, Coinbase has taken legal steps to seek clarity and regulatory guidance for the cryptocurrency sector. By challenging the SEC’s approach in court, Coinbase aims to address the regulatory challenges faced by the industry.
Impact on the Crypto Industry
CCI warns that the SEC’s reluctance to engage in substantive rulemaking could drive industry participants to seek regulatory clarity in other countries. This trend may lead to the U.S. losing its position as a leader in the global digital assets financial system, impacting American consumers’ access to digital assets.
The CCI’s brief highlights the need for transparent and inclusive regulatory processes to support innovation and growth in the digital assets space.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
