July 22, 2024

Taylor Daily Press

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The SEC wants to destroy cryptocurrencies, Coinbase claims with new documents

The SEC wants to destroy cryptocurrencies, Coinbase claims with new documents

The US Securities and Exchange Commission (SEC), led by its Chairman Gary Gensler, has cracked down on the cryptocurrency sector in recent years. The government agency has filed lawsuits against several companies, including Binance, Ripple, and cryptocurrency exchange Coinbase.

The lawsuit between Coinbase and the SEC began in June, when the government agency alleged that Coinbase was trading as an unregistered exchange. In March, Judge Katherine Polk Failla ruled in favor of the government agency. This indicates that the transactions in question fall within the scope of securities.

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Suppression of encryption by the US government?

In a recent one surrender Coinbase has made sharp accusations against the head of the Securities and Exchange Commission. They claim that their actions are aimed at stifling the cryptocurrency sector. The company claims the SEC is making inconsistent and untenable legal claims and waging a crackdown on the industry.

Additionally, according to Coinbase, the government agency will not fulfill its obligation to enable compliance with the rules, and according to the exchange, it treats the regulations as weapons to dismantle unwanted industries.

In this case, attorney John Deaton took another important step in May by submitting a supporting letter to the court. Deaton, who is also running a campaign for the US Senate, is handling the issue pro bono and focusing on the interests of users of the trading platform Coinbase. It represents 4,701 clients.

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The SEC loses its case against the mining company

While Coinbase has suffered a setback, there are also companies that have managed to prevail against the SEC. A good example is the long-running legal battle between the government agency and Debt Box, a company that specializes in blockchain mining.

The case, which began in 2023, was brought by the Securities and Exchange Commission on charges of illegal activities. However, Debt Box uncovered documents showing the SEC made mistakes and made false statements. This unfroze the Debt Box assets.

Federal Judge Robert Shelby ordered the SEC to pay up to $1 million in attorneys’ fees and $750,000 in custody fees to Debt Box. The ruling represents a major victory for Debt Box and puts pressure on the SEC.

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