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Binance and Chamber of Digital Commerce Prepares Victory Over United States SEC

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The Chamber of Digital Commerce announced that it has filed an amicus brief to support Changpeng Zhao, Binance, and Binance.US regarding their ongoing legal battle with the SEC to drop the lawsuit.

The digital assets industry may be expecting another significant victory on the horizon.

READ ALSO:European Union Approves New Cryptocurrency Tax Rules Mandating Data Sharing

The United States Chamber of Commerce, the world’s top digital asset and blockchain trade association, has joined the other digital assets entities in the cryptocurrency ecosystem to advocate for regulatory clarity from the watchdogs.

In Brief

  • The world’s leading blockchain trade association filed an amicus brief yesterday to end the US Securities and Exchange Commission’s attempt to regulate the cryptocurrency space without the US Congress’s authority.
  • According to an October 19 court filing, the Chamber of Digital Commerce’s motion was to support the defendants, which are Binance, Binance.US, and Changpeng Zhao, its CEO, to dismiss the Securities and Exchange Commission’s lawsuit.
  • Furthermore, the court filing aims to ensure that the SEC is stopped from its regulation by enforcement methods.
  • The filing further says that the Securities and Exchange Commission keeps trying to regulate the entire digital assets industry by enforcement actions rather than guiding them or following the appropriate notice and comment rulemaking methods.
  • In addition, the Chamber argues that by using the regulation-by-enforcement method to classify digital assets as securities and punishing the cryptocurrency business, the SEC is stifling innovation in the industry and forcing the crypto exchanges to move across the border.
  • Moreover, the Securities and Exchange Commission needs to have the authority from the United States Congress to regulate every digital asset as securities.
  • Even as the legislative entities seek an appropriate regulatory structure, the Securities and Exchange Commission’s actions put the crypto industry and its stakeholders at risk.

What’s Happening In Crypto Today?

As of this writing, the price of Bitcoin has risen to $29,908.50 while recording an increase in market cap by 5.24% and an increase in trading volume by 84.86%.

On the side of Ethereum, it is changing hands at $1,622.66, with a bit of a rise in market cap by 4.85% and an increase in volume by 42.01%.

  • The price of USD Coin currently is at $0.9999, while recording a slight increase in market cap by 0.47% and a rise in trading volume by 39.87%.
  • On the side of Solana right now, it sells at $27.07, with an increase in market cap by 13.26% and a higher increase in volume by 182.84%.
  • Meanwhile, the price of Cardano at present is at $0.2517, with a bit of a rise in market cap by 4.39% and an increase in trading volume by 19.45%.
  • Dogecoin trades at $0.06024 right now, with a slight increase in market cap by 3.61% and a higher increase in trading volume by 25.58%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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