The Chamber of Digital Commerce and Binance are preparing to win against the I SEC. Here's how it will happen

The Chamber of Digital Commerce has joined other digital asset companies and associations, law firms and regulators in rejecting the lawsuit brought against Binance by the US Securities and Exchange Commission. The world's leading blockchain trading association aims to end the SEC's attempt to regulate the cryptocurrency industry without permission from the US Congress. and stop SEC regulation through an enforcement approach.

Chamber of Digital Commerce Files Friend of the Court Brief in Binance v. SEC Case The Chamber of Digital Commerce filed an amicus brief in support of defendants Binance, Binance.US, and CEO Changpeng “CZ” to dismiss the lawsuit before the SEC.

“The SEC continues to attempt to regulate the entire digital asset ecosystem through enforcement actions,” said Cody Carbone, vice president for policy at the Chamber of Digital Commerce. Instead of issuing guidance or going through channels to establish appropriate notice and comment rules. Enforcement actions paralyze the market and send digital asset innovations abroad.

“The SEC is using a regulation-by-enforcement approach to classify digital assets as securities and penalize cryptocurrency companies,” the Chamber of Digital Commerce says. The SEC's approach stifles innovation and forces cryptocurrency companies to move offshore. Additionally, the SEC does not have the authority to regulate all digital assets as securities from the US Congress. While legislative bodies seek to establish a regulatory framework.

The SEC's actions put the industry and its stakeholders at risk. The Digital Chamber of Commerce urges the court to dismiss the lawsuit on claims including the SEC's extraterritorial action. The assets are not investment contracts, and token transactions do not fall within the registration requirements of the Stock Exchange Law

Binance.US challenges the SEC filed by Binance.US, in cooperation with Binance Holdings and CEO CZ. Motion to dismiss lawsuit alleging that the SEC exceeded its jurisdiction.

Binance.US recently said that recent SEC requests regarding document discovery and depositions are “unreasonable.” BAM Management US Holdings and BAM Trading Services (Bainance.US) have filed for permission to file documents under seal. While the details are still confidential. Binance.US appears to be sharing remaining documents with the SEC.