Bittrex Fights SEC’s Complaint with Support from Legal Expert
Bittrex, a major cryptocurrency exchange, has decided to contest the SEC’s complaint against it. This move has been praised by the pseudonymous legal expert “MetaLawMan” on Twitter.
Key Points:
- The SEC charged Bittrex and its co-founder William Shihara for operating an unregistered national securities exchange and failing to register as a national securities exchange.
- Bittrex is accused of coordinating with issuers to remove “problematic statements” that could attract regulatory attention.
- The SEC claims that Bittrex made at least $1.3 billion in revenues from unregistered activities.
- Bittrex and Shihara have filed a motion to dismiss the SEC’s complaint.
- Bittrex Global announced zero-fee trading for Bitcoin, Ethereum, XRP, Cardano, and Dogecoin, expected to boost trading volume and liquidity.
According to MetaLawMan, it is commendable that Bittrex has chosen to fight back instead of settling with the SEC. Bittrex’s decision to wind down its U.S. operations and file for bankruptcy could have made it an easy target for a quick settlement. However, Bittrex has enlisted the help of two high-profile law firms to aid in their defense.
MetaLawMan questions why the SEC chose to sue Bittrex after the exchange had already exited the U.S. market. He suggests that the SEC’s lengthy investigation into the company may have influenced Bittrex’s decision to leave. Despite the investigation, the SEC’s complaint does not allege any fraud or harm to customers.
The legal expert also raises concerns about the use of tax dollars in this case and suggests the need for Congressional oversight. He believes this case has broader implications for the SEC’s regulatory reach and commends Bittrex for standing up to the regulatory body.
Hot Take:
Bittrex’s decision to contest the SEC’s complaint shows their commitment to defending themselves against regulatory actions. This case could have significant implications for the crypto market and may serve as a precedent for other exchanges facing similar challenges. It will be interesting to see how the court ruling affects the future of Bittrex and the SEC’s regulatory efforts in the crypto space.
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