{"id":546842,"date":"2023-08-11T10:00:42","date_gmt":"2023-08-11T10:00:42","guid":{"rendered":"https:\/\/wncen.com\/?p=546842"},"modified":"2024-06-11T07:09:02","modified_gmt":"2024-06-11T07:09:02","slug":"bittrex-sec-reach-settlement","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bittrex-sec-reach-settlement\/","title":{"rendered":"Bittrex, SEC Reach Settlement In Securities Violation Case"},"content":{"rendered":"

Another crypto firm, Bittrex, bites the dust in the SEC\u2019s continued clampdown on major players in the crypto industry amidst regulatory uncertainty. The regulator has been known to come hard at these crypto firms because it believes they aren\u2019t toeing an almost non-existent regulatory framework.\u00a0<\/span><\/p>\n

Bittrex Succumbs To SEC<\/h2>\n

In a press release dated August 10, the United States Securities and Exchange Commission (SEC) <\/span>announced<\/span><\/a> that crypto exchange Bittrex and its former CEO William Shihara have agreed to a $24 million monetary settlement with the regulator. According to the statement, Bittrex\u2019s international affiliate company Bittrex Global GmbH also agreed to settle the charge of failing to register as a national securities exchange.<\/span><\/p>\n

Related Reading: New Milestone For Ethereum Could Spell Good News For ETH Price<\/a><\/div>\n

The SEC had alleged that the crypto exchange and its former CEO operated an \u201cunregistered national securities exchange, broker, and clearing agency.\u201d It argued that the exchange violated securities laws when it offered and allowed US investors to invest in crypto assets, which it deems as securities (The SEC has continued to allege that tokens like MATIC, SOL, ADA, and XRP are securities).\u00a0<\/span><\/p>\n

Furthermore, the agency accused the firm and its former CEO of going as far as to cover their tracks in order to escape regulatory scrutiny. The SEC\u2019s complaint stated Shihara directed token issuers, who wanted their tokens listed on the exchange, to remove \u201cproblematic statements,\u201d which could lead any regulator to investigate whether or not the company offered and sold securities on the platform.<\/span><\/p>\n

The settlement news may come as a surprise considering many thought the SEC was going to experience a pushback from the crypto exchange. This is because Bittrex had earlier <\/span>argued<\/span><\/a> that the SEC had no authority to regulate tokens traded on its platform due to a lack of clear-cut law by Congress authorizing the regulator to do so.\u00a0<\/span><\/p>\n

SEC Might Be Killing The Crypto Economy<\/h2>\n

Besides Bittrex, the SEC is currently embroiled in legal battles against the world\u2019s biggest cryptocurrency exchanges, Binance and Coinbase. Similarly, it accuses these exchanges of offering and selling securities on their platform without registering with the agency.<\/span><\/p>\n

While many may argue that the SEC is simply doing its job of protecting the interests of US investors, others may take a different point of view by arguing that the SEC is simply killing the Web3 economy in the country. For instance, Bittrex, before <\/span>filing<\/span><\/a> bankruptcy in the US, had earlier shut down its US operations due to \u201ccontinued regulatory uncertainty.\u201d\u00a0<\/span><\/p>\n

Related Reading: The Spoils Of Victory: XRP Daily Transactions Surpass Ethereum<\/a><\/div>\n

This unfavorable regulatory environment is undoubtedly one of the reasons why some other crypto firms have also chosen to take their operations abroad instead of being domiciled in the US, especially with the fact that other countries are putting crypto-friendly guidelines in place on how crypto exchanges should conduct their operations.\u00a0<\/span><\/p>\n

For this reason, Congress needs to step in and pass clear-cut laws that stipulate whether or not crypto exchanges fall under the purview of the SEC, and if yes, it needs to also address whether crypto assets are securities or not.\u00a0<\/span><\/p>\n

\"Crypto<\/p>\n

Total market cap down to $1.133 trillion amid regulatory concerns | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
Featured image from Business Insider, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Another crypto firm, Bittrex, bites the dust in the SEC\u2019s continued clampdown on major players in the crypto industry amidst regulatory uncertainty. The regulator has been known to come hard at these crypto firms because it believes they aren\u2019t toeing an almost non-existent regulatory framework.\u00a0 Bittrex Succumbs To SEC In a press release dated August 10, the United States Securities and Exchange Commission (SEC) announced that crypto exchange Bittrex and its former CEO William Shihara have agreed to a $24 million monetary settlement with the regulator. According to the statement, Bittrex\u2019s international affiliate company Bittrex Global GmbH also agreed to settle the charge of failing to register as a national securities exchange. Related Reading: New Milestone For Ethereum Could Spell Good News For ETH Price The SEC had alleged that the crypto exchange and its former CEO operated an \u201cunregistered national securities exchange, broker, and clearing agency.\u201d It argued that the exchange violated securities laws when it offered and allowed US investors to invest in crypto assets, which it deems as securities (The SEC has continued to allege that tokens like MATIC, SOL, ADA, and XRP are securities).\u00a0 Furthermore, the agency accused the firm and its former CEO of going as far as to cover their tracks in order to escape regulatory scrutiny. The SEC\u2019s complaint stated Shihara directed token issuers, who wanted their tokens listed on the exchange, to remove \u201cproblematic statements,\u201d which could lead any regulator to investigate whether or not the company offered and sold securities on the platform. The settlement news may come as a surprise considering many thought the SEC was going to experience a pushback from the crypto exchange. This is because Bittrex had earlier argued that the SEC had no authority to regulate tokens traded on its platform due to a lack of clear-cut law by Congress authorizing the regulator to do so.\u00a0 SEC Might Be Killing The Crypto Economy Besides Bittrex, the SEC is currently embroiled in legal battles against the world\u2019s biggest cryptocurrency exchanges, Binance and Coinbase. Similarly, it accuses these exchanges of offering and selling securities on their platform without registering with the agency. While many may argue that the SEC is simply doing its job of protecting the interests of US investors, others may take a different point of view by arguing that the SEC is simply killing the Web3 economy in the country. For instance, Bittrex, before filing bankruptcy in the US, had earlier shut down its US operations due to \u201ccontinued regulatory uncertainty.\u201d\u00a0 Related Reading: The Spoils Of Victory: XRP Daily Transactions Surpass Ethereum This unfavorable regulatory environment is undoubtedly one of the reasons why some other crypto firms have also chosen to take their operations abroad instead of being domiciled in the US, especially with the fact that other countries are putting crypto-friendly guidelines in place on how crypto exchanges should conduct their operations.\u00a0 For this reason, Congress needs to step in and pass clear-cut laws that stipulate whether or not crypto exchanges fall under the purview of the SEC, and if yes, it needs to also address whether crypto assets are securities or not.\u00a0 Total market cap down to $1.133 trillion amid regulatory concerns | Source: Crypto Total Market Cap on Tradingview.com Featured image from Business Insider, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":546844,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[997,12307,88436,89095,89096,3799],"class_list":["post-546842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bittrex","tag-crypto-exchange","tag-crypto-lawsuit","tag-crypto-securities","tag-crypto-settlement","tag-sec"],"acf":[],"yoast_head":"\nBittrex, SEC Reach Settlement In Securities Violation Case<\/title>\n<meta name=\"description\" content=\"Another crypto firm, Bittrex, bites the dust in the SEC\u2019s continued clampdown on major players in the crypto industry amidst regulatory uncertainty. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bittrex, SEC Reach Settlement In Securities Violation Case","url":"http:\/\/wncen.com\/news\/bittrex-sec-reach-settlement\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bittrex-sec-reach-settlement\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bittrex-SEC.jpeg?resize=200%2C159","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bittrex-SEC.jpeg?fit=318%2C159"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bittrex","crypto exchange","crypto lawsuit","crypto securities","crypto settlement","sec"],"dateCreated":"2023-08-11T10:00:42Z","datePublished":"2023-08-11T10:00:42Z","dateModified":"2024-06-11T07:09:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bittrex, SEC Reach Settlement In Securities Violation Case\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bittrex-sec-reach-settlement\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bittrex-sec-reach-settlement\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bittrex-SEC.jpeg?resize=200%2C159\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bittrex-SEC.jpeg?fit=318%2C159\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bittrex\",\"crypto exchange\",\"crypto lawsuit\",\"crypto securities\",\"crypto settlement\",\"sec\"],\"dateCreated\":\"2023-08-11T10:00:42Z\",\"datePublished\":\"2023-08-11T10:00:42Z\",\"dateModified\":\"2024-06-11T07:09:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bittrex-SEC.jpeg?fit=318%2C159","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546842"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=546842"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/546844"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=546842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=546842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=546842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}