The U.S. Chamber of Commerce has filed a document in the Coinbase v. SEC case, arguing that the SEC’s actions with the digital asset industry are unlawful and causing regulatory uncertainty.

Chamber Believes SEC Actions are Destabilizing the Regulatory Environment

The chamber argues that the SEC’s actions are destabilizing the regulatory environment for digital assets, violating constitutional due process and fair notice rights. It believes that the consequences of the SEC’s continued delay are significant, and that its actions are not only bad policy but also illegal.

Endorsement from XRP Legal Practitioner

John Deaton, a legal practitioner and representative of XRP investors, endorsed the document. He tweeted that it is crucial to oppose government overreach, even if it is directed towards a disliked project. He also emphasized that XRP holders were the first to denounce the SEC’s overreach, but others will soon follow suit.

Chamber’s Submission Could Impact Regulatory Environment for Digital Assets

The chamber’s submission may have a significant impact on the regulatory environment for digital assets, as it showcases support for the crypto industry from one of the most prominent and influential business organizations in the United States. It could lend more credibility to the arguments of crypto proponents against the SEC’s regulatory overreach.

Case Continues to Be Closely Monitored

The Coinbase v. SEC case has been closely monitored by the industry, and the chamber’s submission introduces a new dimension to the conversation. As the digital asset industry continues to expand, regulators will need to find a balance between protecting consumers and promoting innovation.