Bittrex, a cryptocurrency exchange situated in Seattle, offers $0 trading costs for users of XRP, Cardano (ADA), and Dogecoin (DOGE). The USDT trading pairs are affected by this.
Traders may benefit from $0 trading costs on Bittrex’s USDT markets, which include BTC, ETH, ADA, DOGE, and XRP, according to a tweet from the exchange.
It is noteworthy that Bittrex has decided to increase support for Cardano and XRP, which the SEC has previously referred to as “securities” in legal proceedings.
The SEC sued Ripple and two of its officials in December 2020, claiming that the XRP sales were unregistered securities. The SEC filed litigation in June against Binance and Coinbase, the two largest cryptocurrency exchanges. In both disputes, Cardano’s ADA was referred to as “security”.
A few cryptocurrency sites have delisted or reduced their support for the two coins as a result of these instances.
Bittrex fights back
A legal professional characterises Bittrex and its co-founder William Shihara’s move to dismiss the SEC’s case as “good news” for anybody worried about the SEC’s regulatory overreach.
In April of this year, Bittrex and its co-founder and former CEO William Shihara were accused by the Securities and Exchange Commission (SEC) of operating an unlicensed national securities exchange, broker, and clearing agency. The SEC claims that Bittrex has promoted itself as a platform that makes it easier to purchase and sell cryptocurrency assets that are purported to have been marketed and sold as securities since at least 2014.
Bittrex has received praise from a legal expert known on Twitter as “MetaLawMan” for refusing to give in and consent to a swift settlement, which the SEC would have hailed as another “win.”
In contrast, Bittrex has responded by submitting a move to dismiss. It makes two claims: first, that digital assets sold on secondary markets are not securities, and second, that the Major Questions Doctrine precludes the SEC from having jurisdiction in this matter.
