{"id":14797,"date":"2024-02-28T06:39:23","date_gmt":"2024-02-28T06:39:23","guid":{"rendered":"https:\/\/daniellalemos-com-br.builderallwppro.com\/?p=14797"},"modified":"2024-02-28T06:39:24","modified_gmt":"2024-02-28T06:39:24","slug":"chamber-of-digital-commerce-files-amicus-brief-supporting-kraken-in-sec-lawsuit","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14797","title":{"rendered":"Chamber of Digital Commerce files amicus brief supporting Kraken in SEC lawsuit"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>The Chamber of Digital Commerce filed an amicus curiae defending crypto exchange Kraken in the lawsuit initiated by the US SEC, according to Feb. 27 court filings.<\/p>\n<p>The Chamber explained that the purpose of the amicus brief is to end the SEC\u2019s attempted regulation of the digital asset industry through enforcement without legislative authority.<\/p>\n<p>The CDC wrote in a statement on X:<\/p>\n<p>\u201cEnforcement is NOT enough. While Congress works on solutions, [the SEC\u2019s] aggressive approach stifles innovation. Fair regulations can open opportunities for economic growth, job creation, and financial inclusion.\u201d<\/p>\n<p>The trade body asserted that the SEC is incorrect in stating that securities laws can be expanded to regulate all digital asset transactions. It called this \u201cwrong as a matter of law\u201d and insisted that digital assets are \u201cnot inherently investment contracts.\u201d<\/p>\n<p>The group also warned of the broader effects of enforcement. It called the SEC\u2019s stance \u201ca threat to the adoption and advancement of blockchain technology.\u201d\u00a0The Chamber also argued that this could significantly impact the trillion-dollar digital asset space and, by extension, the US economy.<\/p>\n<p>The filing notably cites other high-profile cases in which the SEC did not win an entirely favorable outcome, including those against Ripple and Terraform Labs.<\/p>\n<h2>SEC sued Kraken last November<\/h2>\n<p>The SEC initially sued Kraken in November 2023 over allegations of operating an unregistered securities exchange, broker, dealer, and clearing agency. The regulator also alleged that the exchange had commingled customer and corporate funds, among other actions.<\/p>\n<p>Kraken and its representatives have publicly denied the SEC\u2019s charges and are fighting the case in court. Most recently, Kraken filed a motion to dismiss the case on Feb. 23, emphasizing that the allegations mainly describe failure to register rather than fraud.<\/p>\n<p>The Chamber of Digital Commerce said in its latest filing that it supports Kraken\u2019s motion to dismiss the lawsuit.<\/p>\n<p>The case is separate from an earlier case concerning Kraken\u2019s staking services. Kraken settled with the SEC for $30 million and halted those services in the US in February 2023.<\/p>\n<p>Two other crypto exchanges \u2014 Coinbase and Binance \u2014 are engaged in similar SEC cases that allege unregistered exchange operations. Those cases began in June 2023.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/chamber-of-digital-commerce-files-amicus-brief-supporting-kraken-in-sec-lawsuit\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Chamber of Digital Commerce filed an amicus curiae defending crypto exchange Kraken in the lawsuit initiated by the US SEC, according to Feb. 27 court filings. The Chamber explained that the purpose of the amicus brief is to end the SEC\u2019s attempted regulation of the digital asset industry through enforcement without legislative authority. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-14797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14797"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14797\/revisions"}],"predecessor-version":[{"id":14799,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14797\/revisions\/14799"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14798"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}