The Chamber of Digital Commerce is trying to stop a case brought by the U.S. Securities and Exchange Commission (SEC) against a former Coinbase (COIN) employee accused of insider trading. The organization’s founder, Perianne Boring, said if the SEC succeeds, many digital assets could be defined as securities.
“We see this action as seriously concerning and would have significant ramifications for the entire digital asset industry,” Boring said Friday on CoinDesk TV’s “First Mover” about the group’s “friend of the court” (amicus) brief in the SEC action before the U.S. District Court in Washington, D.C.
Nonetheless, “a ruling that embraces the SEC’s position and endorses its tactics could have negative implications for the digital asset ecosystem,” Boring said.
She added the only regulatory guidance provided by the SEC has been in “the form of nonbinding speeches and statements that have been conflicting from administration to administration.”
Source: SEC’s Coinbase Insider Trading Case Is ‘Backdoor Rulemaking,’ Trade Association’s CEO Says