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US SEC Playing Silly Games With Serious Litigation

US SEC Playing Silly Games With Serious Litigation

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The US SEC, the watchdog responsible for building regulations for digital assets, was again accused of not taking the lawsuits seriously. However, recent decisive ongoing litigation also suggests that the SEC has employed delay tactics to drag them out.

Is the SEC running away from important questions?

According to Empower Oversight, the SEC removed unspecified redactions from about 1,500 pages related to crypto conflict documents. The agency has submitted an application to the court, in which he asks for time to examine them.

The Commission initiated a lawsuit under the Freedom of Information Act (FOIA). It has conflicts of interest among the SEC’s top officials regarding crypto oversight. However, it has been reported that the SEC announced it was dropping its arguments just a day before the summary judgment.

Earlier, Coingape reported that the watchdog is asking the court to offer them an early win in the lawsuit. It was expected that the restricted memos might reveal a dispute between former officials over crypto regulations.

The SEC now notes that these documents consist of new versions of all the most recently filed memoranda. However, it may contain some edits that have been removed for public disclosure. Still, the watchdog has not specified where it has removed the restrictions.

CFTC to take over?

The Commission has also advised the plaintiff to compare page by page with the original documents.

Jason Foster, director of Empower Oversight, responded that this is another example of the SEC playing silly games. He added that the nation deserves better treatment than this. Recently, the commission hinted that the CFTC may continue to regulate some aspects of digital assets.

However, this is not the first time the watchdog has used such tactics. The commission has applied its delay tactics in the SEC vs Ripple litigation. It went on to make various claims about Hinman’s infamous Ethereum speech.

Ashish believes in decentralization and is very interested in the evolving Blockchain technology, cryptocurrency ecosystem and NFTs. He aims to raise awareness of the growing crypto industry through writing and analysis. When he’s not writing, he’s playing video games, watching a thriller or doing outdoor activities. Reach me at [email protected]

The presented content may contain the author’s personal opinion and is subject to the market situation. Do market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.

Source: https://coingape.com/sec-playing-silly-games-with-serious-litigation/

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