U.S Chamber Of Commerce Fires At SEC

It's no mistake that many in government and lots outside of government are just fed up with the SEC and their gross actions they have been taking. The SEC is suppose to protect investors while laying strong groundwork for businesses to follow that prompts fair trade and dealings and to prevent fraud. What we have seen is the total opposite from this agency for the last few years and now companies and people are firing back.

One of the most recent cases is the wells notice that the SEC sent to Coinbase and the fines and other actions the SEC has been imposing on one if not the biggest crypto asset and money maker in the USA.

The Lost Letter?

One of the recent actions of Coinbase was to force the SEC to respond to a letter it had sent to the SEC months before to get answers about cryptocurrency. That letter went unanswered and instead a wells notice was sent a few months later. It's been nearly 2 weeks already since that letter was sent in which a federal judge forced the SEC to write back with answers which I'm hoping to hear more on soon.

A Rough Example Of How Things Work

In the crazy world of the USA government there's a lot of moving parts and for good reason. When you allow a few people to have too much power some rather bad things happen. While the USA is a bit of a mess right now it's luckily fighting what I believe to be an over oppressive government that has lost its way. I love my country but there are aspects of it I don't support and this is one of many of them recently the continued removal of freedoms from it's people.

Now sure some people will say it's no big deal but the fact of the matter is any freedoms lost is a step backwards and continuing not to fight back to regain and hold those freedoms will eventually turn into a civil war or worse. The goal is to stop that before it happens with the system that is in place. The government, the house and the court system all are moving parts and keep each other in check. I'd say out of all of these the White house and the president needs the biggest check aka slap in the face than any other.

What Is The Chamber of Commerce?

The U.S Chamber of Commerce is a group of businesses in this case more than 3 million businesses and organizations from small to global corporations. You can check out there site here U.S Chamber of Commerce

It advocates policies that help new businesses enter and grow the U.S economy as it says on their website. This group has recently hit the SEC hard with a new letter which can be seen here Us Chamber amicus Brief

The US Chamber of Commerce Hits Back

What was provided to the court system overseeing the SEC vs Coinbase battle currently is what is known as a brief. A brief is a written legal argument that is presented to a court to aid it in reaching a conclusion on the legal issues involved in the case.

Here are some key takeaways on this matter.

1) No Clear Instructions

At the start of the document you can see the clear intention of this "As it stand today, nobody knows for certain which digital assets, if any, are "securities" under federal law.

1. It goes on to say that the SEC is killing innovation in the U.S and is grossly violating Constitutional Due process and Fair notice rights.

We saw this clearly when our good old friend Gary Gensler (sarcastic btw) got grilled by the house and I believe everyone was on board that the SEC was overstepping and trying to create and enforce it's own vision of laws and rules even though none existed and the house never gave them the power to do so.

1. Further stating in the letter is what I fully agree with and have been preaching for the last two years as the SEC become more and more aggressive towards the crypto community.
   "The SEC's actions are not just harmful policy; they are unlawful, and the consequences of the SEC's continued delay are severe for that reason too."

Keyword there is unlawful and they are as the SEC continues to try and create new laws which is NOT their job what so ever. Instead of doing their job of creating a trusting and fair trade platform they have driven the biggest innovation out of the USA while letting other companies slip under their nose including banks and stocks to create the whirlwind mess we are seeing today.

Again if you would like to read the full paper here is a link to it. U.S Chamber Amicus Brief Coinbase vs SEC

But not only that they also accused the SEC and I believe it's true as well that they have deliberately "muddied the waters" by claiming a sweeping authority over digital assets while issuing random fines and wells noticed to people.

Here's the crazy thing about those fines. A vast majority of people will simply pay the fines because either a) they made far more than the fine is and/or b) they don't want to be dragged into a legal battle when it's far easier to just pay the fine and be on your way.

This ultimately creates a SEC where all they do is randomly fine anyone and everyone and it just becomes a arm of the government to collect money that goes unchecked and gets worse and worse which we have clearly been seeing as of late.

One more quote from the letter

“By proceeding through enforcement, the SEC has denied the public any opportunity to comment on its invocation of Depression-era laws to assert jurisdiction over a trillion-dollar industry,” it wrote. "It deprives the entire public of its right to be heard.”

This reliance on enforcement actions to try and create new rules and regulations is extremely damaging and I have a feeling the SEC is going to get a big check and my hopes are crypto can soon thrive once again as it should.