According to a recent court filing, the U.S. subsidiary of Bittrex has requested the dismissal of the case filed against the exchange by the U.S. Securities and Exchange Commission (SEC). Attorneys for Bittrex argue that the SEC cannot regulate cryptocurrency assets as securities without approval from Congress.
SEC Lawsuit: Bittrex Seeks Dismissal, Citing Lack of Clarity in Token Securities Regulation
In mid-April 2023, Bittrex’s U.S. crypto exchange faced a lawsuit from the Securities and Exchange Commission (SEC) for allegedly operating an unregistered exchange, broker, and clearing agency. SEC Chair Gary Gensler stated that the securities watchdog was “holding Bittrex accountable for its noncompliance.” Two weeks later, Bittrex’s U.S.-based exchange filed for Chapter 11 bankruptcy protection. In the most recent court filing, Bittrex’s legal team is seeking the dismissal of the SEC case against the company.
The attorneys argue that the regulation of tokens as securities in
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