US SEC Playing Silly Games With Serious Litigation

The US SEC, the watchdog responsible for building regulations around digital assets, again got alleged of not taking litigations seriously. However, the recent crucial running lawsuits proceeding also suggests that the SEC has applied delay tactics to stretch them.

Is SEC escaping vital questions?

According to the Empower Oversight, the SEC lifted unspecified redactions from around 1500 pages related to the crypto conflicts docs. The agency has filed a motion in the court seeking time to conduct a review of them.

The Commission slapped with a lawsuit around the freedom of information ACT (FOIA). It holds conflicts of interest among the top SEC authorities regarding crypto enforcement. However, it is being reported that the SEC came forward to drop its assertions just one day before going in for the summary judgment.

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

Meanwhile, the SEC now states that those documents consist of new versions of all the last submitted memos. However, it may carry some redactions lifted for public revelation. Still, the watchdog has failed to specify where it has lifted the restrictions.

CFTC to take over?

The Commission has also advised the plaintiff to hold a page by page comparison with the original produced documents.

Reacting to this Jason Foster, head of Empower Oversight said this is another example of how the SEC is playing silly games. He added that the nation deserves better treatment than this. Recently, the commission went on to hint that the CFTC might go on to regulate some parts of the digital assets.

However, this is not the first case the watchdog has applied these kinds of tactics. The commission has applied its delay tactics in the SEC vs Ripple lawsuit. It went on to push different assertions over Hinman’s infamous Ethereum speech.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.