İstanbul escort bayan sivas escort samsun escort bayan sakarya escort Muğla escort Mersin escort Escort malatya Escort konya Kocaeli Escort Kayseri Escort izmir escort bayan hatay bayan escort antep Escort bayan eskişehir escort bayan erzurum escort bayan elazığ escort diyarbakır escort escort bayan Çanakkale Bursa Escort bayan Balıkesir escort aydın Escort Antalya Escort ankara bayan escort Adana Escort bayan

24.4 C
New York

Ripple Should Give Former SEC Chairman a Heartfelt Gratitude

Published:

Ripple General Counsel Stuart Alderoty, acknowledged Late Harvey Pitt, SEC’s former chairman for giving details that best explain enforcement actions as he remembered the former SEC’s chair after his demise.

He stated clearly that Ripple is indebted to give him heartfelt gratitude.

Pitt Expounded SEC’s Enforcement Actions

Stuart Alderoty on his Twitter handle remembered Pitt and insinuated that Ripple, a blockchain company located in the Silicon Valley, North California, in the U.S.A. benefitted from Pitt’s report.

Alderoty referring to a case between Ripple Lab Inc. and Tetragon Financial Group Limited said that Pitt reported with an actual procedure for an enforcement action.

According to Alderoty, Pitt explained in the report that enforcement action will only be recognized when SEC files a lawsuit in federal court.

He further noted that commissioners who vote to accept an enforcement action will not be actively involved in the litigation.

But is the responsibility of the court to give a verdict on whether a debated instrument is a security or not and not the SEC to decide.

READ ALSO: Cynthia Lummis US Senator Blasts Sec Move Against Coinbase

SEC’s Enforcement Action on Bittrex and its Former CEO

The SEC has been taking a series of enforcement actions against firms it perceived violated the U.S. laws on financial securities.

These SEC’s enforcement actions have also involved cryptocurrency firms since SEC took a stance claiming cryptocurrency assets as financial securities under its jurisdiction.

The SEC on March 29, 2023, stated it has taken legal action against Bittrex, a cryptocurrency exchange company, and its co-founder and former CEO, William Shihara.

Notably, SEC claimed that Bittrex and its CEO operated a national securities exchange, and carried out broker functions as well as clearing functions without registering with the commission.

Again, SEC stated that Bittrex and Shihara instructed crypto issuers who intended to get their crypto assets listed in the trading platform to delete sensitive information on their media platforms.

Noting that the deleted sensitive information is a problem statement that would attract regulatory authorities to investigate the digital assets offered as a security.

More Details

The SEC’s Division of Enforcement Director, Gurbir S. Grewal accused Bittrex of having only interest in profits and cared less for the protection of its investors.

Stating further, he said that Bittrex intentionally maneuvered the registration requirement as the U.S. federal securities law demands.

Grewal explained further why Bittrex should have registered with SEC as the due commission to oversee its securities activities in its trading platform.

Bittrex should have registered because it used a shared order book to bring together all buyers’ and sellers’ crypto securities orders and used an established non-discretionary means to interact these order by which these orders interact based on the terms with which they agreed.

Furthermore, Bittrex acted as a clearing agency by executing payments and deliveries of matching buy and sell orders on behalf of customers owing the crypto assets.

 

 

 

 

 

 

 

 

 

Related articles

Recent articles

spot_img