Digital Chamber Files LEJILEX Amicus Brief in SEC Case đš
The Digital Chamber of Commerce has filed a motion for leave to file amicus brief in the existing lawsuit that is between LEJILEX and Crypto Freedom Alliance of Texas (CFAT) against SEC.
The organization intends to assist in the plaintiffsâ goal of blocking the SEC from governing the digital assets sector without a legislative basis.
Digital Chamber Files LEJILEX Amicus Brief
The Digital Chamber has joined LEJILEX and the Crypto Freedom Alliance of Texas in their legal fight against the Securities and Exchange Commission (SEC).
This filing was made to support the plaintiffsâ claim that the SEC has been acting beyond its jurisdiction in trying to regulate digital assets under securities laws even in the absence of clear legislation. The amicus brief focuses on the importance of having well-defined and equitable rules and guidelines that are not detrimental to the development of the digital asset industry.
Subsequently, the brief states that the actions of the SEC could have dire consequences for not only LEJILEX and CFAT but the entire digital asset industry. It raises the issue that if the court does not step in, the SEC will keep on increasing its enforcement activities unjustly, and might categorize numerous digital assets as securities with no clear rules.
SECâs Regulatory Approach
LEJILEX which is planning to launch a trading platform known as Legit. Exchange, in particular, is exposed to legal risks as the position of the SEC remains ambiguous. The firm claimed that it is impossible to apply for registration as a securities exchange or a broker since the SEC has not issued rules on the registration of digital asset trading platforms yet.
In launching their trading platform, the plaintiffs claim that they are at risk of being subjected to enforcement actions by the SEC for operating an unregistered securities exchange.
The amicus brief filed by the Digital Chamber also provides a wider perspective of the extent of the SECâs actions.
