The SEC has filed a lawsuit against the illegal crypto industry
The US Securities and Exchange Commission (SEC) has been accused by Texas of “illegal targeting” of digital asset businesses. The lawsuit was filed in the United States District Court for the Northern District of Texas on Wednesday by the crypto startup LEJILEX and the Crypto Freedom Alliance of Texas LEJILEX plans to start an exchange of digital assets.
Texas-based non-profit forums LEJILEX and the Crypto Freedom Alliance of Texas (CFAT) have filed a lawsuit against the US Securities and Exchange Commission (SEC), arguing that the regulator has overstepped its regulatory approach over the past few years. crypto industry.
The SEC has been accused of “lack of capacity” for regulation
The complaint filed by the United States District Court for the Northern District of Texas asserted that the SEC has “illegal” regulatory authority over the crypto space throughout Texas and the United States.
“This case, CFAT member company LEJILEX, pending the launch of a new digital asset trading platform, seeks confirmation that transactions in digital assets on this platform are not the sale of securities subject to SEC registration requirements,” the platforms noted in the press. Published on Wednesday.
CFAT and LEJILEX hope their lawsuit will help highlight and stop the SEC's misguided policies that actively harm law-abiding U.S. businesses.
“We wish we could start our business instead of filing a lawsuit, but here we are,” said Mike Wauszczak, co-founder of LEJILEX.
The SEC has come under heavy criticism from the crypto sector and US lawmakers over the years, with many pointing to the agency's misguided approach to crypto regulation. The watchdog has accused several crypto businesses of offering unregistered securities.
Although some high-profile companies such as Ripple lost when a judge declared XRP not a security, the overall view is that there is still no regulatory clarity.
Crypto exchanges charged by the SEC include Coinbase, Binance, Kraken and Bittrex.
