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Whistleblower Firm: SEC Playing Games With Serious Litigation

11-Sep-2022 By: Simran Mishra
Whistleblower Firm:

The US SEC, the agency in charge of developing regulations for digital assets, has once more been accused of not treating lawsuits properly.

The current critical ongoing legal proceedings, however, also imply that the SEC has used delay strategies to push them.

Is the SEC ducking important questions?

According to Empower Oversight, the SEC removed vague redactions from over 1500 pages of documents pertaining to crypto disputes. The organisation has submitted a motion to the court asking for more time to evaluate them.

The Freedom of Information Act was the subject of a lawsuit against the Commission (FOIA). There are conflicts of interest surrounding crypto enforcement among the senior SEC officials. But according to reports, the SEC stepped out to withdraw its claims just one day before filing for summary judgement.

According to a previous CoinGabbar story, the watchdog is requesting that the court grant them an early victory in the litigation. Restrictive memos were anticipated to expose former officials' disagreement with crypto restrictions.

The SEC now claims that those documents are updated versions of every memo that was previously filed. It might, however, have redactions that have been removed for public viewing. However, the watchdog has not made clear where the limitations have been relaxed.

Will the CFTC take over?

The Plaintiff is also to do a page-by-page comparison with the actual provided papers, the Commission has advised.

Jason Foster, CEO of Empower Oversight, responded by saying that this is again another illustration of the SEC's senseless games. He continued by saying that the nation deserved better than this. The CFTC may eventually regulate some aspects of digital assets, the agency hinted recently.

However, this is not the first instance in which the watchdog has used these strategies. The SEC vs. Ripple litigation has benefited from the commission's delaying strategies. It continued to advance several claims on Hinman's infamous Ethereum speech.

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