 | Bittrex filed a motion to dismiss in the lawsuit with the SEC. The filing basically states that the SEC does not have the regulatory power to deal with crypto as securities unless it is explicitly granted to them by Congress. It basically rejects the SEC's interpretation of securities laws and calls for a more defined and structured framework for exchanges and tokens to work with, They go on to state that the SEC lacks the powers to perform the regulatory actions that they are attempting to with crypto. This as only Congress has the power to create new laws and with the lack of regulatory clarity regarding crypto, the SEC is attempting to create new laws in the very attempt to regulate crypto which would be an illegal act. This is similar the the stance taken by Coinbase. Specifically for Coinbase, their registration statement was approved in 2021, during which the SEC made no mention of any securities listed on Coinbase. And since then the business activities of Coinbase had not changed to warrant regulatory action on them. Bittrex then points out SEC hypocrisy by allegedly professing this said fact only Congress has the power to power to regulate tokens on exchanges but then seems to try to exert that same power they say they lack. Bittrex goes on to outline the unwillingness of the SEC to provide any sort of clarity while still crack down on exchanges. And it should be noted that Bittrex were sued by the SEC after they had already closed down in the US and are currently in bankruptcy proceedings. [link] [comments] |
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