Chamber of Digital Commerce alleges SEC is suing the equivalent of a “grocery store selling oranges”
The United States-based Chamber of Digital Commerce has joined a collective effort to challenge the lawsuit between the SEC and Binance. In an amicus brief dated Oct. 19, the advocacy group aims to halt the SEC’s attempt to oversee the cryptocurrency industry without authorization from the U.S. Congress. Tokens are not a security The Chamber of Digital Commerce has since appealed to the court that the lawsuit between Binance and the SEC should be dismissed, as the legal entity has exceeded its jurisdiction, and digital assets not constituting investment contracts do not meet the criteria for Exchange Act registration requirements. “The SEC is suing the equivalent of a grocery store selling oranges and other fruit or an online ecommerce marketplace, like Amazon,” the brief states. “Tokens alone are not securities, and the markets they are available to buy and sell are not securities exchanges.” You might also like: Binance vs. SEC update, BNB and Monero fir...