The Chamber of Digital Commerce (CDC), which protects the rights of investors in the United States, has accused the Securities and Exchange Commission (SEC) of unreasonable regulation of the cryptocurrency industry in the country.
The CDC published a report titled “The Cryptocurrency Puzzle” in which it called on the SEC to approve bitcoin exchange-traded funds (ETF) applications. The organization noted that the United States is noticeably behind other countries whose residents have free access to cryptocurrency investment vehicles, including bitcoin ETFs. That being said, there have been no incidents of hacking, theft, or market manipulation associated with this tool, which would give the SEC a good reason not to approve it. Therefore, says the CDC, the regulator made a mistake by rejecting the previously filed applications.
“Capital that could have been invested in U.S. companies hiring U.S. professionals has gone to other, more crypto-friendly countries as the SEC continues to object to Bitcoin ETFs,” the report says.
The CDC said the Commission’s actions are forcing investors to move to less regulated jurisdictions where they are much more at risk of losing their investment. The report notes that the SEC has unreasonably declared itself to be the authoritative regulator of the cryptocurrency industry. One of the reasons why the Commission is rejecting applications for Bitcoin ETFs may be political. The SEC may be seeking to monopolize control of the US cryptocurrency market by constantly expanding its list of powers to include all new crypto products.
Recall that the Chamber of Digital Commerce intends to help Ripple win its case against the SEC. Now the CDC is studying the details of the case in order to act as an independent expert in court.
Source: Bits
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