US Chamber of Digital Commerce Backs Binance, Urges SEC to Drop Lawsuit
Founded in July 2014 by Perianne Boring, the U.S. Chamber of Digital Commerce is a Washington, D.C.-based trade association and advocacy group that promotes crypto assets and blockchain technology. On October 19, the group filed an amicus brief backing the world’s largest crypto exchange by trade volume, Binance.
In the brief, the Chamber stressed the importance of maintaining clear jurisdictional boundaries, cautioning against an overreach of the SEC’s authority. Extending U.S. securities law into areas unrelated to securities markets, they argue, could have unintended consequences for various sectors of the U.S. economy.
The crypto advocacy group wrote:The SEC is suing the equivalent of a grocery store selling oranges and other fruit, or an online e-commerce marketplace, like Amazon. Tokens alone are not securities, and the markets where they are available to buy and sell are not securities exchanges.
The brief underscored the pressing need for a transparent regulatory framework for digital assets. Echoing Senator Cynthia Lummis‘ sentiments, the Chamber emphasized that Congress should provide unambiguous guidance to foster innovation while ensuring consumer protection.
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