Bittrex joins Coinbase in legal defense against SEC, questions regulatory power.
Bittrex, a cryptocurrency exchange, has made a notable move in its legal dispute with the United States Securities and Exchange Commission by submitting a motion to dismiss the lawsuit filed against it., Bittrex argues that the SEC does not possess the necessary authority to regulate cryptocurrencies as securities unless explicitly granted by Congress.
As a result, they argue that once an asset is launched and actively traded on secondary markets, it should no longer be considered a security, but rather categorized as a commodity or another class of digital asset. Moreover, Bittrex contends that the SEC did not adequately communicate that its actions were prohibited, emphasizing a defense strategy commonly employed by crypto defendants who challenge the SEC's allegations.
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