/cdn.vox-cdn.com/uploads/chorus_asset/file/23962442/acastro_STK067__03.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24247717/lp_logo_3.0.jpg){kind=logo}
/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Su)
[ad_1]
Rodrigo Serra, special counsel to crypto investment firm Paradigm, has become the latest person to criticize the United States securities regulator, this time for “wrongfully” pursuing crypto exchange Bittrex in an effort to police secondary crypto markets.
In a July 11 Twitter thread, Ceira added his thoughts following an amicus brief filing from Paradigm, which argued that the US Securities and Exchange Commission case against US-based crypto exchange Bittrex should be “dismissed” because it Relies on improper use of Howe. Test your claims.
The SEC’s lawsuit against Bittrex is the first of three cases the SEC has brought against crypto exchanges in rapid succession. Through these actions, the SEC is attempting to unfairly stake claims on the crypto secondary markets.
— Rodrigo (@RSSH273) 10 July 2023
On July 7, Paradigm filed an amicus ShortIn which it was claimed that the financial regulator had violated its jurisdiction.
In his thread, Serra also pointed out that SEC Chairman Gary Gensler was the first accepted Crypto exchanges did not have an adequate regulatory framework, leading to their view that the regulator lacked sufficient authority to regulate these secondary markets.
Sira made similar arguments on July 7. blog Post, noting that the SEC lacks authority because crypto-assets do not include “investment contracts”. As a result, crypto-assets do not fall under the agency’s jurisdiction.
“Until the SEC engages in rulemaking at Coinbase’s request, the digital-assets industry is left in limbo, with calls to ‘come and register,’ yet no effective means of doing so. ”
Connected: Bittrex Challenges SEC’s Authority in Crypto Lawsuit, Seeks Dismissal
The SEC first filed a complaint against Bittrex on April 17th. Nearly two weeks later on April 30, the exchange finally surrendered its Florida money transmitter license before filing for bankruptcy on May 8.
This is the second time that Paradigm has offered its support to a crypto organization facing legal action from the SEC.
On May 11, Paradigm petitioned to file an amicus brief in support of Coinbase, claiming that the SEC has failed to provide clear regulations or guidance for digital asset firms in the US.
Opinion: GOP crypto maxis almost as bad as the Dems’ ‘anti-crypto army’
