{"id":24126,"date":"2023-10-22T00:54:20","date_gmt":"2023-10-22T00:54:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-gains-support-from-us-chamber-of-digital-commerce-in-sec-dispute\/"},"modified":"2023-10-22T00:54:20","modified_gmt":"2023-10-22T00:54:20","slug":"binance-gains-support-from-us-chamber-of-digital-commerce-in-sec-dispute","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-gains-support-from-us-chamber-of-digital-commerce-in-sec-dispute\/","title":{"rendered":"Binance Gains Support from US Chamber of Digital Commerce in SEC Dispute"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Leading cryptocurrency exchange\u00a0Binance<\/a> recently faced charges from the U.S. Securities and Exchange Commission (SEC) concerning securities violations. Stepping up to support Binance is the US Chamber of Digital Commerce, a notable crypto advocacy group.<\/p>\n

On Thursday, the advocacy group submitted an amicus brief asserting that the SEC\u2019s approach towards crypto assets is fundamentally flawed. They argue that the SEC\u2019s current stance might deter financial innovation and potentially push crypto startups out of the U.S., due to an unfavorable regulatory atmosphere.<\/p>\n

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Highlighting the SEC\u2019s misunderstanding, the group stated in their brief, \u201cthe SEC is suing the equivalent of a grocery store selling oranges and other fruit, or an online e-commerce marketplace, like Amazon.\u201d They emphasized, \u201cTokens alone are not securities, and the markets where they are available to buy and sell are not securities exchanges.\u201d<\/p>\n

Ever since Gary Gensler took over as the SEC\u2019s chair, the Commission has intensified its enforcement actions. Prominent crypto exchanges like Binance, Coinbase, and Kraken have found themselves under scrutiny this year. Accusations directed towards these platforms range from offering unregistered staking products to listing tokens that purportedly violate securities regulations. In defense, exchanges like Coinbase assert that the guidelines determining which cryptocurrencies are deemed securities remain ambiguous.<\/p>\n

The Chamber of Digital Commerce believes the SEC fails to differentiate between \u201cthe subject of an investment-contract security\u201d and \u201cthe investment contract itself\u201d. This blurred distinction, they argue, leads to misclassification of various crypto tokens as unregistered securities. In their brief, the Chamber pinpointed, \u201cThe SEC has adopted a regulation-by-enforcement approach, arbitrarily categorizing various blockchain-based digital assets as securities.\u201d<\/p>\n

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In a related development, the SEC\u2019s attempt to categorize XRP sales by Ripple as unregistered security offerings was not entirely successful in a federal court. While the SEC withdrew its charges<\/a> against Ripple executives, it continues to challenge allegations against the company.<\/p>\n<\/p><\/div>\n

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(Originally posted on : Crypto News – iGaming.org ) Leading cryptocurrency exchange\u00a0Binance recently faced charges from the U.S. Securities and Exchange Commission (SEC) concerning securities violations. Stepping up to support Binance is the US Chamber of Digital Commerce, a notable crypto advocacy group. On Thursday, the advocacy group submitted an amicus brief asserting that the […]<\/p>\n","protected":false},"author":34,"featured_media":24127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24126"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=24126"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24127"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}