A concerted effort is underway to defend against the lawsuit filed by the United States Securities and Exchange Commission (SEC) against Binance. This lawsuit, rooted in allegations dating back to at least July 2017, claims that Binance, under the stewardship of CEO Changpeng Zhao, operated as unregistered exchanges, brokers, dealers, and clearing agencies, thereby generating substantial revenue primarily from transaction fees from U.S. customers1. In light of these allegations, the Chamber of Digital Commerce, headquartered in the United States, has mobilized alongside a myriad of other businesses, groups, legal experts, and politicians to challenge the SEC’s lawsuit.
The core of this collective resistance is captured in a recent amicus brief. The document articulates a dual objective: firstly, to challenge the SEC’s mode of regulation through enforcement, and secondly, to halt the SEC’s initiative to regulate the…
