Bittrex has filed a petition in court seeking a settlement of its legal dispute with the United States Securities and Exchange Commission (SEC).
infilingIn court recently, Bittrex argued that the SEC had no control over it. cryptocurrencies as a security unless expressly authorized by Congress. This could challenge the SEC’s interpretation of existing securities regulations and seek to create a clearer regulatory framework to support digital assets.
Bittrex has leveraged a similar approach as Coinbase and created a unified defense against SEC lawsuits.
Source: CourtListener
Bittrex and Coinbase’s legal teams have identified what they see as flaws in the SEC’s allegations against trading investment contracts. The Defendants even acknowledged that the initial sale of certain crypto assets could be classified as securities. But it maintains that the same classification does not include assets traded on the secondary market.
They reasoned that When an asset is released and traded on the secondary market The asset should no longer be considered a security. Instead, they should be classified as commodities or other types of digital assets.
Moreover, Bittrex maintains that the SEC has not adequately communicated that its actions are prohibited.
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