The SEC’s Misconception About Bitcoin (BTC)
During the recent hearing in the ongoing Coinbase Global Inc. lawsuit, the lawyers representing the United States Securities and Exchange Commission (SEC) made a statement about Bitcoin (BTC) that has been criticized by XRP holder’s lawyer John Deaton. The SEC attorneys argued that Bitcoin cannot be considered a security because it lacks an ecosystem around it. This argument is based on the belief that a digital currency should have a development team or a DAO responsible for investors’ funds. However, Deaton and others have pointed out that crypto systems are decentralized, and the development teams usually work in the best interest of the community.
Attaining All-Time High Hashrate
John Deaton highlighted the massive community behind Bitcoin (BTC) and its recent achievement of reaching an All-Time High (ATH) hashrate of 500 exahashes. This milestone is significant considering that it reflects the number of computers plugged into the decentralized network to maintain the integrity of the Bitcoin network.
SEC’s Unrelenting Fight
The SEC has consistently held onto its misconception about Bitcoin (BTC) despite previous legal battles involving digital currencies. In its lawsuit against Ripple Labs Inc, the SEC claimed that XRP is a security, but Judge Analisa Torres ruled in July last year that it is not. Despite this ruling, the SEC continues to pursue lawsuits against other assets like Cardano, Solana, and Polygon, declaring them securities as well. However, analysts predict that Coinbase has a 70% chance of winning its fight against the SEC.
Hot Take: SEC Lawyers Face Criticism Over Bitcoin Statement
XRP holder’s lawyer John Deaton has criticized the lawyers representing the SEC for their statement about Bitcoin during a recent hearing in the Coinbase lawsuit. The SEC attorneys argued that Bitcoin cannot be considered a security due to its lack of an ecosystem. However, critics point out that crypto systems are decentralized, and the development teams usually work in the best interest of the community. This misconception highlights the SEC’s unrelenting fight against digital currencies, as seen in their lawsuits against Ripple Labs Inc and other assets. Despite this, analysts predict a high chance of success for Coinbase in its battle against the SEC.
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