The human rights group of the US Chamber of Digital Commerce believes that the American regulator is abusing its powers in the case against the Binance crypto exchange.
According to the document, the advocacy group seeks to prevent the US Securities and Exchange Commission (SEC) from regulating the cryptocurrency sector without explicit permission from Congress. She insists that the SEC's regulatory methods are illegal and intends to challenge the regulator's lawsuit against Binance.
To achieve this goal, the US Chamber of Digital Commerce has joined forces with various digital asset firms, associations and legal experts. She believes that the SEC's actions hinder innovation and force crypto companies to move abroad.
“The SEC continues to attempt to regulate the digital asset ecosystem through enforcement actions rather than issuing guidance or using proper channels to issue rules and notices. The regulator’s enforcement actions are paralyzing the market,” said Cody Carbone, vice president of the organization.
The Chamber said the SEC lacks congressional authority to oversee all digital assets. While other legislators are trying to create a regulatory framework, the Commission's actions create risks for the industry and its stakeholders, it said.
In this regard, the organization asked the court to dismiss the SEC's lawsuit against Binance and its founder Changpeng Zhao (CZ) based on various claims.
