Prominent crypto hater slammed crypto firm that filed legal suit against SEC for harming crypto industry
Economist Nouriel Roubini, also known as “Dr. Doom” for his accurate predictions of the 2008-2009 mortgage market crisis, who is also a vocal hater of crypto, took to Twitter to vent his hatred on the crypto space. Have resorted to
He has shared a link to an article on LinkedIn about crypto-focused firm Hodl Law PLLC that has sued the U.S. Securities and Exchange Commission, saying that this is based on “totally bogus arguments.” Among them, according to Roubini, is an accusation against the SEC about the recent collapse of FTX.
As a reminder, the SEC has been involved in a lawsuit against Ripple Labs and XRP, with the latter claiming to be an unregistered security and suing top Ripple executives for selling it to investors.
“Crypto crooks now blame SEC”
In his scornful comment, Roubini referred to a LinkedIn post by John Reed Stark, president of John Reed Stark Consulting and former chief of the SEC Office of Internet Enforcement.
Stark, as a lawyer and former high-ranking SEC executive, has dismissed the legal complaint against the securities regulator, calling it “probably one of the most ridiculous legal documents” he’s ever read that were related to the crypto space.
Basically, the crypto law firm accuses the SEC of three things: lack of regulatory clarity provided to the crypto space, violating the rights of legally approved crypto-financiers and “failing to provide ‘fair notice’ of its anti-crypto posture.” Besides, the SEC exceeds its authority by practicing “regulation by enforcement” and stifling innovation in the sphere of digital currencies and blockchain.
The complaint, in particular, states that the SEC has no jurisdiction over digital assets from the US Congress and that the SEC’s entire strategy has been “deliberately ‘confusing’ to prosecute at will (and without proper notice)”. to maintain maximum flexibility for running.).” The complaint also looks into the SEC’s attempt to classify the companies’ digital assets under attack as securities, while it had long ago labeled Ethereum’s ETH as a non-security.
Defendant has refused to provide public guidance on its subjective belief regarding the classification status of the Ethereum Network and Ether DCU despite thousands of requests from the American public.
Roubini and Calvin Ayre tweet sarcastic comments
Nouriel Roubini, a well-known critic of cryptocurrencies, said in his tweet that the plaintiffs are accusing the securities regulator of “the FTX debacle and the coming crypto extinction.”
For him, the arguments mentioned in the complaint are “pseudo-arguments.” Billionaire and supporter of Bitcoin SV chain (as well as of self-proclaimed Satoshi Nakamoto Craig Wright) Calvin Ayre tweeted to agree with Roubini. He wrote that this legal suit is likely to harm the entire crypto space as it “underlines how moronic most everything in crypto is.” Besides, he called the name of Hodl Law PLLC a “ponzi trick to retail consumers in crypto.”