Texas-based cryptocurrency firm Lejilex and the Crypto Freedom Alliance of Texas (CFAT), a gaggle that advocates for the event of accountable digital asset insurance policies within the area, have filed a lawsuit towards the U.S. Securities and Exchange Commission (SEC). This is what he reported Reuters.
Both organizations stated the regulator had exceeded its authority and requested a decide to rule that digital belongings traded on exchanges weren't securities, the report stated.
According to journalists, Lejilex plans to launch a cryptocurrency platform for buying and selling digital belongings, which the SEC acknowledged as securities as a part of the case towards Coinbase. Therefore, the corporate desires the courtroom to rule that the itemizing of current tokens won't violate securities legal guidelines.
“We would love to launch our business rather than file a lawsuit, but here we are,” firm co-founder Mike Wawszczak stated.
CFAT and Lejilex additionally said that “the SEC is wrong to classify digital assets as investment contracts because they do not create an ongoing obligation between creator and purchaser.”
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