Lejilex states it will facilitate crypto transactions and not sell securities, and it also accuses the SEC of overreach.
Coinbase's legal officer criticized the SEC's “inconsistent arguments” on digital assets.
Crypto startup Lejilex and the United States Securities and
Exchange Commission (SEC) are engaged in a legal battle over the classification
of cryptocurrencies. Both parties have submitted competing briefs for summary
judgment in a Texas federal court.
Lejilex, which is part of the Crypto Freedom Alliance of
Texas, filed its brief on October 3. The company argues that it intends to
facilitate crypto transactions and not to sell securities. In its filing,
Lejilex accuses the SEC of overstepping its regulatory authority.
SEC Defends Stance on Securities
In its brief, Lejilex contends that the SEC seeks to broadly
classify asset sales as security transactions. The company claims that the SEC
has maintained an approach that allows for a “transformative
expansion” of its regulatory power without any limitations.
Conversely, the SEC argues that the lawsuit attempts to
convince the court that cryptocurrencies should never be considered securities.
The SEC has also raised the issue of standing, asserting that Lejilex has not
faced any agency enforcement actions against it.
Earlier this year, in February, Lejilex requested the court
to determine that listing pre-existing tokens would not violate securities
laws. Co-founder Mike Wawszczak expressed frustration, stating: “We wish we
were launching our business instead of filing a lawsuit, but here we are,” in
an interview with Reuters.
Coinbase's Legal Battle Continues
On October 4, Coinbase Chief Legal Officer Paul Grewal
commented on the briefs in a post on X (formerly Twitter). He criticized the SEC's stance, arguing
that the classification of a digital asset transaction should not depend on the
asset's nature.
Grewal highlighted inconsistencies in the SEC's arguments,
referencing a previous case where the SEC took a contradictory position.
Coinbase is currently involved in a lawsuit with the SEC, which claims the
exchange sold unregistered securities, a charge Coinbase denies.
Grewal emphasized the importance of consistency in
government actions, stating: “This is our government acting in the name of all
of us. Telling one judge one thing while telling another the opposite should
not be tolerated. We deserve better.”
Crypto startup Lejilex and the United States Securities and
Exchange Commission (SEC) are engaged in a legal battle over the classification
of cryptocurrencies. Both parties have submitted competing briefs for summary
judgment in a Texas federal court.
Lejilex, which is part of the Crypto Freedom Alliance of
Texas, filed its brief on October 3. The company argues that it intends to
facilitate crypto transactions and not to sell securities. In its filing,
Lejilex accuses the SEC of overstepping its regulatory authority.
SEC Defends Stance on Securities
In its brief, Lejilex contends that the SEC seeks to broadly
classify asset sales as security transactions. The company claims that the SEC
has maintained an approach that allows for a “transformative
expansion” of its regulatory power without any limitations.
Conversely, the SEC argues that the lawsuit attempts to
convince the court that cryptocurrencies should never be considered securities.
The SEC has also raised the issue of standing, asserting that Lejilex has not
faced any agency enforcement actions against it.
Earlier this year, in February, Lejilex requested the court
to determine that listing pre-existing tokens would not violate securities
laws. Co-founder Mike Wawszczak expressed frustration, stating: “We wish we
were launching our business instead of filing a lawsuit, but here we are,” in
an interview with Reuters.
Coinbase's Legal Battle Continues
On October 4, Coinbase Chief Legal Officer Paul Grewal
commented on the briefs in a post on X (formerly Twitter). He criticized the SEC's stance, arguing
that the classification of a digital asset transaction should not depend on the
asset's nature.
Grewal highlighted inconsistencies in the SEC's arguments,
referencing a previous case where the SEC took a contradictory position.
Coinbase is currently involved in a lawsuit with the SEC, which claims the
exchange sold unregistered securities, a charge Coinbase denies.
Grewal emphasized the importance of consistency in
government actions, stating: “This is our government acting in the name of all
of us. Telling one judge one thing while telling another the opposite should
not be tolerated. We deserve better.”
Bitwise Creates an XRP ETF Trust: Will There Be Another Crypto ETF?
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
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Don't miss out on our latest videos, interviews, and event coverage.
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Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
🎬 Watch, share, and join the conversation!
Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing.
Stay tuned for more events. See you next time!
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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