The US SEC sues Bittrex and its ex-CEO for allegedly operating an unregistered securities exchange, claiming tokens like Algorand and Omise Go are securities
4 recent SEC events indicate that crypto-exchanges … Tweets: @secgov : Today we charged crypto asset trading platform Bittrex Inc. and its co-founder and former CEO William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. https://www.sec.gov/... Gary Gensler / @garygensler : Today's action, yet again, makes plain that the crypto markets suffer from a lack of regulatory compliance, not a lack of regulatory clarity. https://twitter.com/... John Reed Stark / @johnreedstark : The SEC has apparently issued a Wells Notice to Bittrex for failing to register as an exchange, broker-dealer and clearinghouse, exiling Bittrex offshore (the same charges that the SEC filed against Beaxy). Are you listening Coinbase? IMHO, you are next. https://www.wsj.com/... John Reed Stark / @johnreedstark : The SEC has now charged crypto asset trading platforms Beaxy and Bittrex for operating an unregistered national securities exchange, broker, and clearing agency. IMHO, Coinbase is next. Don't shoot the messenger. https://www.sec.gov/... https://twitter.com/... @tier10k : If you bought $100 of Algorand when Gensler told you they could build Uber on it you would now have $5 Adam Cochran / @adamscochran : Gensler met with SBF multiple times and was exploring giving him and FTX specialty regulatory clarity for US operations. Now with that scam collapsing he is attacking every industry operator in hopes to distract from the fact that he has failed in his role. https://twitter.com/... Adam Cochran / @adamscochran : Gensler botched his job. Praised Algo's “compliant defi” made friends with a modern day Charles Ponzi and is now trying to save his ass by scuttling the ship. https://twitter.com/... Stephen Diehl / @smdiehl : Yeah, this seems pretty bad. In case you really want to know what crypto exchanges think about the conflicts of interest with their customers, we now have the answer. https://www.reuters.com/... https://twitter.com/... Leonidas / @leohadjiloizou : SEC If you operate a crypto exchange in the US: We will sue you. If you operate a crypto exchange in the US and try to come in and talk to us: We will sue you. If you operated a crypto exchange in the US and chose to leave the country: You guessed it, we will still sue you. https://twitter.com/... @tree_of_alpha : Companies like Bittrex that tried to play by the SEC's very vague rules got buried to oblivion, lost their competitive advantage, and are still getting sued in the end. Trying to navigate the SEC's schizophrenic nonexistent guidance literally does not pay off. Matt Levine / @matt_levine : This newsletter is a big enough opportunity that we might want to roll the dice on the SEC investigation. https://www.bloomberg.com/... Tom Emmer / @gopmajoritywhip : Well maybe perhaps, one has led to the other...🤔 https://twitter.com/... Parker / @pt : As close as the SEC gets to (publicly) calling people complete morons that lack common sense and need to hire lawyers who can read. https://twitter.com/... @0xfoobar : SEC waiting to file suit until mere days after Bittrex closed US operations is the clearest sign yet that they would rather scan the landscape for public weakness, be that financials or temperament, then bring a crushing blow often in inverse proportion to the actors' good faith https://twitter.com/... Parker / @pt : This was a massive blunder when Bittrex did it, and similarly when Coinbase did it. Growth at all costs brought with it a huge surface area for regulators to sue them into oblivion. There is zero chance they got this right half the time, let alone 250 times. https://twitter.com/... https://twitter.com/... Mike Dudas / @mdudas : Here's hoping that Bittrex has the resources to defeat the SEC in court. No one needs another token settlement that “protects” no one and establishes zero legal precedent. https://twitter.com/... Mike Selig / @mikeseligesq : SEC alleges Bittrex operated an unregistered national securities exchange, broker, and clearing agency. Yet it would be impossible for Bittrex to register and comply. SEC is building up as many legal theories as it can to target crypto intermediaries and force them offshore. https://twitter.com/... @coinbureau : So the SEC plans to sue Bittrex even after they said that they are winding down their US operations. Seems like they won't stop until every US exchange has left its shores 🤷♂️ https://www.wsj.com/...
Today we charged crypto asset trading platform Bittrex Inc. and its co-founder and former CEO William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. https://www.sec.gov/...
Today's action, yet again, makes plain that the crypto markets suffer from a lack of regulatory compliance, not a lack of regulatory clarity. https://twitter.com/...
The SEC has apparently issued a Wells Notice to Bittrex for failing to register as an exchange, broker-dealer and clearinghouse, exiling Bittrex offshore (the same charges that the SEC filed against Beaxy). Are you listening Coinbase? IMHO, you are next. https://www.wsj.com/...
Gensler met with SBF multiple times and was exploring giving him and FTX specialty regulatory clarity for US operations. Now with that scam collapsing he is attacking every industry operator in hopes to distract from the fact that he has failed in his role. https://twitter.com/..…
Gensler botched his job. Praised Algo's “compliant defi” made friends with a modern day Charles Ponzi and is now trying to save his ass by scuttling the ship. https://twitter.com/...
Yeah, this seems pretty bad. In case you really want to know what crypto exchanges think about the conflicts of interest with their customers, we now have the answer. https://www.reuters.com/... https://twitter.com/...
The SEC has now charged crypto asset trading platforms Beaxy and Bittrex for operating an unregistered national securities exchange, broker, and clearing agency. IMHO, Coinbase is next. Don't shoot the messenger. https://www.sec.gov/... https://twitter.com/...
SEC If you operate a crypto exchange in the US: We will sue you. If you operate a crypto exchange in the US and try to come in and talk to us: We will sue you. If you operated a crypto exchange in the US and chose to leave the country: You guessed it, we will still sue you. https…
Companies like Bittrex that tried to play by the SEC's very vague rules got buried to oblivion, lost their competitive advantage, and are still getting sued in the end. Trying to navigate the SEC's schizophrenic nonexistent guidance literally does not pay off.
As close as the SEC gets to (publicly) calling people complete morons that lack common sense and need to hire lawyers who can read. https://twitter.com/...
SEC waiting to file suit until mere days after Bittrex closed US operations is the clearest sign yet that they would rather scan the landscape for public weakness, be that financials or temperament, then bring a crushing blow often in inverse proportion to the actors' good faith …
This was a massive blunder when Bittrex did it, and similarly when Coinbase did it. Growth at all costs brought with it a huge surface area for regulators to sue them into oblivion. There is zero chance they got this right half the time, let alone 250 times. https://twitter.com/.…
Here's hoping that Bittrex has the resources to defeat the SEC in court. No one needs another token settlement that “protects” no one and establishes zero legal precedent. https://twitter.com/...
SEC alleges Bittrex operated an unregistered national securities exchange, broker, and clearing agency. Yet it would be impossible for Bittrex to register and comply. SEC is building up as many legal theories as it can to target crypto intermediaries and force them offshore. http…
So the SEC plans to sue Bittrex even after they said that they are winding down their US operations. Seems like they won't stop until every US exchange has left its shores 🤷♂️ https://www.wsj.com/...