A crypto lobbying group is petitioning the courts in favor of Binance in the exchange’s lawsuit with the U.S. Securities and Exchange Commission (SEC).
In an amicus briefing filed yesterday, the Chamber of Digital Commerce told the U.S. District Court of Columbia that the US, once a haven for new tech, is pushing away crypto and blockchain technology.
“Now, however, one of the newest frontiers of the digital economy—the trillion-dollar blockchain economy—is conspicuously avoiding the United States, finding the regulatory environment too opaque and too hostile to conduct business here…
This promising industry, however, is unfortunately developing primarily offshore, in large measure because the SEC has adopted a regulation-by-enforcement approach, arbitrarily categorizing various blockchain-based digital assets as securities and penalizing businesses for failing to obtain SEC registrations that are not actually available to them.”
An amicus brief is a legal document filed in an appellate court by a non-involved party in a case. Written by “friends of the court,” these briefs contain additional information or arguments to assist the court in making its decision.
In the case of the SEC versus Binance, the Chamber of Digital Commerce argues that the SEC’s charges are akin to suing a grocery store for selling oranges while likening Binance to e-commerce giant Amazon.
“In bringing a case against the Defendants here, 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. Whether or not a token was initially sold as part of an ‘investment contract’ is of no consequence.”
The SEC sued Binance in June, claiming that the top crypto exchange platform by volume was offering unregistered securities. At the time, the SEC alleged that Binance and CEO Changpeng Zhao profited billions of dollars while ignoring customer safety protocols. Last month, the SEC accused Binance of holding back information during the discovery phase of the lawsuit.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/New Energy
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://dailyhodl.com/2023/10/20/crypto-lobby-group-files-amicus-brief-in-sec-lawsuit-against-binance-likens-exchange-to-e-commerce-giant-amazon/
- :has
- :is
- :not
- :where
- a
- actually
- Additional
- Additional Information
- adopted
- advice
- advised
- advisor
- Affiliate
- affiliate marketing
- against
- Alerts
- alleged
- alone
- Amazon
- an
- and
- any
- approach
- ARE
- Argues
- arguments
- AS
- Assets
- assist
- At
- available
- avoiding
- away
- back
- BE
- beat
- because
- before
- billions
- binance
- Bitcoin
- blockchain
- blockchain technology
- blockchain-based
- Briefing
- Bringing
- business
- businesses
- buy
- Buying
- by
- case
- categorizing
- ceo
- Chamber
- Chamber of Digital Commerce
- Changpeng
- Changpeng Zhao
- charges
- claiming
- class
- COLUMBIA
- Commerce
- commission
- Conduct
- contain
- Court
- Courts
- crypto
- crypto exchange
- cryptocurrencies
- cryptocurrency
- customer
- daily
- decision
- defendants
- delivered
- developing
- digital
- Digital Assets
- digital commerce
- diligence
- directly
- discovery
- district
- district court
- do
- document
- does
- dollars
- due
- during
- e-commerce
- Environment
- Equivalent
- exchange
- Exchanges
- expressed
- failing
- favor
- filed
- Files
- finding
- For
- Frontiers
- get
- giant
- Group
- haven
- here
- high-risk
- HODL
- holding
- However
- HTTPS
- image
- in
- industry
- information
- initially
- investment
- Investments
- Investors
- ITS
- june
- large
- Last
- latest
- Latest News
- lawsuit
- Legal
- like
- Lobby
- lobbying
- Loses
- Making
- Marketing
- marketplace
- Markets
- May..
- measure
- miss
- Month
- New
- New Tech
- Newest
- news
- no
- obtain
- of
- offering
- on
- once
- ONE
- online
- opaque
- Opinions
- or
- Other
- own
- part
- participates
- party
- phase
- platform
- plato
- Plato Data Intelligence
- PlatoData
- please
- primarily
- profited
- promising
- protocols
- Pushing
- recommend
- regulatory
- responsibility
- Risk
- s
- Safety
- SEC
- sec lawsuit
- Securities
- Securities and Exchange Commission
- sell
- Selling
- should
- sold
- States
- store
- tech
- Technology
- that
- The
- the Chamber of Digital Commerce
- The Daily Hodl
- their
- Them
- These
- they
- time
- to
- token
- too
- top
- trades
- transfers
- u.s.
- U.S. Securities
- U.S. Securities and Exchange Commission
- unfortunately
- United
- United States
- unregistered
- unregistered securities
- us
- various
- Versus
- volume
- was
- whether
- while
- with
- written
- yesterday
- You
- Your
- zephyrnet
- Zhao