On Monday, the U.S. SEC filed a lawsuit against Bittrex, accusing the Seattle-based cryptocurrency exchange of operating an unregistered national securities exchange, broker, and clearing agency. Bittrex's parent company, Bittrex Global GmbH, and its founder were also charged for failing to register as a securities exchange due to the operation of a single shared order book. Bittrex has issued an official response, indicating that it intends to fight the case in federal court.
Bittrex Denounces SECs Anti-Crypto Stance
Bittrex has responded to the SEC's lawsuit by stating that the agency's decision to take enforcement action against the exchange is part of SEC Chief Gary Gensler's broader campaign to expel the crypto industry from the United States. The company commented on the wide-ranging impact of the SEC's recent actions, stating: “The SEC's regulatory approach through enforcement will not only have a negative impact on cryptocurrency in the United States, but also on blockchain technology and innovation as a whole.”
In its official statement, Bittrex reaffirmed its commitment to comply with regulatory requirements while being operational and claimed that it had reached out to the SEC several times to seek clear guidance on regulation. The company also stated that it had requested the regulatory body to clarify which digital assets it considered to be securities, so that the exchange could assess and potentially delist them. Despite Bittrex's requests, the SEC did not respond to the exchange's inquiries, according to Bittrex's statement.
Bittrex To Challenge SEC In Court
Bittrex's statement shows the company's determination to continue its legal battle against the SEC in federal courts. Bittrex maintains that it has always operated within the legal framework and is looking forward to proving its position in court.
This suggests that the exchange is not willing to settle by paying a substantial fine, a route that other crypto companies have taken in the past. For example, Kraken agreed to pay $30 million in a settlement, while Nexo was required to pay an astonishing $45 million.
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