Digital Chamber Urges SEC to End Attacks on Crypto Industry, Embrace Future of Finance

The Digital Chamber (TDC) has urged the U.S. Securities and Exchange Commission (SEC) to end its attacks on the crypto industry following its enforcement action against Consensys. The chamber argues the SEC’s actions are overreaching and detrimental to financial innovation and inclusion.

Digital Chamber Criticizes SEC’s Action

The Digital Chamber (TDC) has called on the U.S. Securities and Exchange Commission (SEC) to end its attacks on the crypto industry following the agency’s action against Consensys Software last week over Metamask swaps and staking services.

In a statement released on Monday, the Digital Chamber stated that it “strongly opposes the SEC’s latest lawsuit against Consensys, the creator of the Metamask crypto wallet,” emphasizing:

This action, targeting DEX [Decentralized Exchange] routing and staking services, is another troubling example of the SEC’s overreach.

Consensys responded to the SEC’s action against the company last week, stating: “We firmly believe that the SEC lacks the authority to regulate software interfaces such as Metamask. We will persistently pursue our case in Texas for a ruling on these matters, as it is crucial not only for our company but also for the future success of web3.”

The Chamber further noted in Monday’s statement: “Defi [decentralized finance] platforms like Metamask’s swaps and staking democratize finance, providing greater autonomy, efficiency, and access to financial services. They empower the unbanked and underbanked, promoting financial inclusion and accessibility. The SEC’s claim against Consensys misinterprets the technology and stifles progress that could benefit millions.”

“The SEC’s repeated enforcement actions, without clear rules, violate their investor protection mandate and create market uncertainty. With the recent end of Chevron deference, this regulatory ambiguity should not stand,” the chamber stressed. Its statement concludes:

We stand with Consensys and the wider community in advocating for fair regulation that fosters innovation, protects investors, and promotes financial inclusion. Enough is enough — it’s time for the SEC to stop attacking the digital asset industry and embrace the future of finance.

Last week, the U.S. Supreme Court struck down Chevron deference, a doctrine that allowed federal agencies broad discretion in interpreting ambiguous statutes. Cody Carbone, TDC Chief Policy Officer, stated: “This decision is a game changer for the crypto industry. It promises a future where regulations are more predictable and grounded in clear legislative intent, rather than shifting interpretations by regulatory agencies and unelected policy leaders.”

When do you think the SEC will end attacks on the crypto industry and embrace the future of finance? Let us know in the comments section below.

Source