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Crypto News: In the wake of the U.S. Securities and Exchange Commission’s (SEC) recent consideration of proposed amendments for modifying the definition of an exchange, a new wave of fear and uncertainty clouded the crypto market. In a fresh move, the SEC charged Bittrex, its co-founder William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. In yet another news of crypto enforcement action by the regulatory agency, Bittrex, which announced closure of US business in March 2023, is said to have received a Wells notice from the SEC. The crypto community reacted with sharp criticism of the SEC action.
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The SEC notice news came to light around a month after it was issued, as per a Sunday report on the Wall Street Journal. The report added that the announcement of closure of US operations by Bittrex came after it received the notice. This news also coincided with a correction in crypto prices to start the week as Bitcoin price took a fall below the $30,000 range.
US SEC’s Big Setbacks In Crypto Lawsuits
The U.S. Securities and Exchange Commission (SEC) had over the recent past faced unfavorable judgements in several crypto lawsuits, in line with the popular investor sentiment that the SEC is yet to clarify on regulatory compliance. One such instance was seen in March 2023, when arguments in the Grayscale Bitcoin spot ETF lawsuit were heard in front of the District of Columbia Court of Appeals. The judges grilled the SEC’s representatives asking as to what really was stopping them from approving Grayscale application when futures contracts were approved. Similarly, the SEC faced tough time over its behavior in the Voyager case.
Attroney John Deaton, who represents the XRP token holders in the SEC Vs Ripple case, mentioned these instances where the SEC’s failures were exposed.
“In Ripple, the Judge said the SEC “lacks faithful allegiance to the law.” In LBRY, the Judge shamed the SEC over the lack of clarity. In Grayscale, the Court said the SEC’s arguments made no sense. In Voyager, the Judge blasted the SEC’s ethics and behavior.
The SEC will lose.”
Meanwhile, the Summary Judgement in the Ripple lawsuit, which has the potential to change the face of crypto market, is pending in the court.
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