Crypto investment firm Paradigm’s Special Counsel Rodrigo Seira has become the latest to slam the United States securities regulator, this time for “wrongfully” pursuing crypto exchange Bittrex in an attempt to police secondary crypto markets.
In a July 11 Twitter thread, Seira added his thoughts after an amicus brief filing from Paradigm, arguing that the U.S. Securities and Exchange Commission's case against U.S.-based crypto exchange Bittrex should be “dismissed” as it relies upon an unreasonable use of the Howey test to make its claims.
The SEC’s lawsuit against Bittrex is the first of three cases that the SEC has brought in rapid succession against crypto exchanges. Through these actions, the SEC is wrongfully attempting to lay claim over crypto secondary markets.