The Digital Chamber has filed an amicus brief in the U.S. Court of Appeals for the Fifth Circuit, supporting Ian Balina's appeal against a district court judgment. The case involves the U.S. Securities and Exchange Commission (SEC) and highlights concerns about regulatory overreach under SEC Chair Gary Gensler.

The Chamber argues that the SEC's enforcement actions could hinder innovation by exceeding statutory authority. The case references the U.S. Supreme Court's decision in Morrison v. National Australia Bank Ltd., which limits the application of U.S. securities laws to extraterritorial transactions.

The Chamber stresses the need for clear rules to guide global market participants on when U.S. securities laws apply to digital asset transactions. It criticizes the SEC's approach as unpredictable, leading to ambiguous court decisions.

Perianne Boring, Founder and CEO of The Digital Commerce, said, "Today, TDC directed its advocacy efforts to push back on the SEC’s efforts to exceed its jurisdictional powers." Samson Enzer from Cahill Gordon & Reindel LLP expressed optimism about future regulatory approaches while appreciating The Digital Chamber's efforts.

TDC experts are available for comment via press@digitalchamber.org.