BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

This Texas-Based Crypto Firm Sued the US Securities and Exchange Commission (SEC)

This Texas-Based Crypto Firm Sued the US Securities and Exchange Commission (SEC)
The Texas-based cryptocurrency firm Lejilex, together with the Crypto Freedom Alliance of Texas (CFAT), has filed a lawsuit against the US Securities and Exchange Commission (SEC). They argue the SEC has overstepped its bounds by classifying certain digital assets as securities.



This case arises amidst regulatory tensions, with the SEC facing criticism for its approach to digital asset oversight.



Why Lejilex Dragged the SEC to Court



Lejilex wants to launch Legit.Exchange, a platform for trading cryptocurrencies. However, the SEC’s stance casts a shadow over their plans. The agency has labeled some of the digital assets Lejilex intends to list as securities .



This classification is based on ongoing legal battles with major exchanges like Coinbase and Binance . Consequently, there’s a growing debate within the crypto community about the nature and regulation of digital assets.



Moreover, Lejilex and CFAT challenge the notion that digital assets meet the criteria of “investment contracts” and thus should be regulated as securities. They believe this interpretation lacks legal clarity and imposes unnecessary regulatory burdens. Their argument hinges on the “major questions” doctrine.



This principle suggests that significant regulatory actions require explicit authorization from Congress. Yet, this argument has found limited support in recent legal precedents involving crypto companies.




“We wish we were launching our business instead of filing a lawsuit, but here we are,” Lejilex co-founder Mike Wawszczak said .




Choosing to file the lawsuit in Fort Worth is strategic. The region falls under the 5th US Circuit Court of Appeals, known for its conservative leanings. This decision underscores the crypto firm’s tactical approach to seeking a favorable legal environment. It highlights the growing trend of crypto entities challenging SEC regulations in court.



SEC Turns Crypto Into a Battleground



The backdrop of this legal challenge is a year marked by heightened SEC enforcement within the crypto sector .



Under Chairman Gary Gensler’s leadership, the SEC has intensified its scrutiny, leading to a record number of enforcement actions. This aggressive regulatory posture has stirred unease across the crypto industry.



Read more: Who Is Gary Gensler? Everything To Know About the SEC Chairman



Breakdown of SEC Enforcements by Alleged Violations. Source:  Cornerstone Research



As Texas becomes a focal point for crypto, especially with its crypto mining operations, the state is also wrestling with related environmental and noise pollution issues.



These challenges add another layer to the complex interplay between the crypto industry and regulatory bodies.
The post This Texas-Based Crypto Firm Sued the US Securities and Exchange Commission (SEC) appeared first on BeInCrypto .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ This Texas-Based Crypto Firm Sued the US Securities and Exchange Commission (SEC)


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



Dokky PRO - Bookcase Shop Script