SEC wrongfully trying to regulate crypto: Paradigm counsel
Paradigm’s lawyer, Rodrigo Seira, is criticizing the SEC for going beyond its authority in the case against Bittrex, a cryptocurrency exchange.
Seira argues that the SEC is trying to control secondary crypto markets, which is not within their jurisdiction.
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Paradigm filed a legal document, called an amicus brief, stating that the case should be dismissed because the SEC is using an unfair approach. Seira points out that even the SEC chair, Gary Gensler, has admitted that crypto exchanges don’t have proper regulations. He believes that the SEC lacks the authority to regulate these markets effectively.
This is not the first time Paradigm has supported a crypto organization facing SEC action. They previously supported Coinbase and argued that the SEC has not provided clear rules for digital asset firms. The SEC filed a complaint against Bittrex, which later surrendered its license and filed for bankruptcy.
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