U.S. crypto companies and industry organizations sued the SEC, claiming it “overstepped its authority” over digital assets
US cryptocurrency company Lejilex and the Cryptocurrency Freedom Alliance of Texas (CFAT) have sued the US SEC on Wednesday, claiming that the regulatory agency has acted beyond its authority with regards to digital assets and requesting that the court rule that digital assets traded on exchanges are not securities. Lejilex stated that the SEC has exercised jurisdiction over the industry without "clear statutory authority" and that its classification of digital assets as "investment contracts" is incorrect, as they do not establish a continuing commitment between creators and purchasers. They also request that the court apply the "significant question" doctrine, which allows judges to declare administrative agency actions with "enormous economic and political significance" invalid unless authorized by Congress.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Shiba Inu Community Pushes Token Toward $0,001
Can You Turn $500 Into $500 With These Cryptocurrencies?
215 Arrested in South Korea’s $232M Crypto Scam
South Korean police have arrested 215 people for taking part in a massive crypto fraud scheme
BlackRock Launches BUIDL Fund on 5 Blockchains
BlackRock, the world’s largest asset manager, just took a big step in the crypto world