SEC’s crackdown on Bittrex part of larger crypto industry purge, claims exchange
It was officially issued by Seattle-based cryptocurrency exchange Bittrex. response In a recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC), the SEC accused Bittrex of operating an unregistered stock exchange, broker, and clearing house.
On April 17, the regulator also charged the exchange’s parent company, Bittrex Global GmbH, for operating a single shared order book with the US-based company.
The exchange is now challenging the SEC charges and is trying to defend its regulatory compliance practices.
Bittrex warns of impact on crypto innovation
Bittrex has responded to the SEC lawsuit, arguing that the agency’s enforcement actions are part of a larger plan by SEC Chairman Gary Gensler to kick the crypto sector out of the United States.
In a statement, the exchange warned that the SEC’s actions could have devastating effects on blockchain technology and innovation in general. .
“The implications of the SEC’s approach to regulation by enforcement will have horrifying implications, not just for U.S. cryptocurrencies, but for blockchain technology and innovation in general.”
Bittrex sticks to regulatory compliance
Bittrex also accused the regulator of turning a blind eye to the exchange’s repeated calls for clarity on its digital asset regulations.
The Seattle-based exchange has made multiple attempts to seek regulatory guidance and clarification on what digital assets are considered securities as it ensures compliance and may exclude assets outside the scope of the SEC. It is claimed that
Despite these efforts, Bittrex argues that the SEC has been unresponsive, leaving exchanges and the wider crypto industry in limbo and potentially stifling innovation.
According to Bittrex, we always operate within the law and we look forward to the opportunity to legally prove this fact.
Claims exchanges first appeared on CryptoSlate as part of a major purge of the cryptocurrency industry after the SEC crackdown on Bittrex.
