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In a recent development, Crypto Council for Innovation (CCI), a consortium of leading companies in the crypto industry, has filed an amicus brief in support of Coinbase’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
The primary goal of the brief is to provide the court with a comprehensive overview of the crypto industry and to present an industry perspective on the regulatory clarity required to enable innovation in this space. CCI, being a noted advocate for digital asset technology and cryptocurrencies, believes that regulatory clarity not only enables the growth of individual companies but also strengthens the overall sector, benefiting consumers, regulators, and the global economy.
In September 2020, Coinbase announced that the SEC had threatened to sue the company if it proceeded with the launch of its cryptocurrency lending program. The SEC alleged that it considered the lending program a security, which would require registration, while Coinbase argued that it was not a security.
CCI’s amicus brief aims to help clarify these ambiguities, emphasizing that clear and consistent regulatory guidelines are necessary to prevent the stifling of innovation in the cryptocurrency industry. It argues that inconsistent or unclear regulations can damage both existing businesses and emerging startups in the crypto sector, thus impeding potential economic growth.
CCI’s submission of the amicus brief marks yet another prominent voice joining the conversation around need for regulatory clarity in the cryptocurrency industry. Its contributions, coupled with those from other industry stakeholders, are expected to play a crucial role in shaping regulations for cryptocurrency in the future.
