In an amicus brief filed on Oct. 19, the U.S. Chamber of Digital Commerce claims that the SEC’s actions against Binance’s U.S. operations are akin to “suing the equivalent of a grocery store selling oranges and other fruit.”
The SEC alleges that the exchanges violated securities laws by offering unregistered staking products and listing unregistered securities. The exchanges have responded by arguing that the SEC has not provided clear guidance on which cryptocurrencies are securities.
The Chamber has criticized the SEC’s approach, arguing that it fails to distinguish between digital tokens and the investment contracts that may exist around them. They also mentioned that this failure has led to the misclassification of many crypto tokens as unregistered securities.
‘Enforcement 40’ for 2020
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