{"id":81095,"date":"2023-07-03T10:13:07","date_gmt":"2023-07-03T07:13:07","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81095"},"modified":"2025-09-11T20:53:23","modified_gmt":"2025-09-11T17:53:23","slug":"bittrex-challenges-sec-authority","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bittrex-challenges-sec-authority\/","title":{"rendered":"Bittrex challenges SEC authority"},"content":{"rendered":"<p>Bittrex filed a <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.wawd.321164\/gov.uscourts.wawd.321164.40.0.pdf\">motion to dismiss the case brought by the SEC<\/a>. In the company&#8217;s view, the agency lacks the authority to regulate cryptocurrencies without congressional authorization.<\/p>\n<p>This statement casts doubt on the SEC&#8217;s interpretation of existing rules for digital assets and is aimed at &#8220;creating a clearer regulatory framework&#8221; for the industry.<\/p>\n<p>Bittrex followed the <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-accuses-the-sec-of-overstepping-its-powers\">example of Coinbase<\/a> and adopted a similar approach, closely aligning its arguments with those of the larger platform.<\/p>\n<p>Both defendants acknowledge that the initial sale of certain cryptocurrencies may be classified as a securities transaction, but that same definition does not apply to assets traded on secondary markets. In that case, the coin should be treated as a commodity.<\/p>\n<p>According to representatives of Bittrex, the SEC did not properly announce that its actions regarding digital assets had not been approved by Congress.<\/p>\n<p>Back in April, the regulator <a href=\"https:\/\/forklog.com\/en\/news\/sec-sues-bittrex-and-bittrex-global\">filed a suit<\/a> against the company; Chief Counsel David Maria commented to <a href=\"https:\/\/www.wsj.com\/amp\/articles\/sec-targets-bittrex-fallen-giant-of-u-s-crypto-exchanges-4bd615b6\">WSJ<\/a> that the firm was already <a href=\"https:\/\/forklog.com\/en\/news\/bittrex-to-wind-down-u-s-operations\">preparing to wind down operations<\/a> in the United States after receiving the regulator&#8217;s notice.<\/p>\n<p>Back in May, the exchange <a href=\"https:\/\/forklog.com\/en\/news\/bittrex-files-for-bankruptcy-protection\">filed for insolvency<\/a> in the United States. According to filings, the company&#8217;s assets and liabilities total between $500 million and $1 billion. The number of creditors exceeds 100,000. The platform says it holds the assets of American customers who had not withdrawn them by April 30.<\/p>\n<p>In June, the court <a href=\"https:\/\/forklog.com\/en\/news\/court-allows-bittrex-to-withdraw-funds-for-us-customers\">allowed<\/a> Bittrex to enable withdrawals for users.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bittrex filed a motion to dismiss the lawsuit against the SEC. The company contends that the agency lacks authority to regulate cryptocurrencies without congressional authorization.<\/p>\n","protected":false},"author":1,"featured_media":81096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[720,1162,128],"class_list":["post-81095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bittrex","tag-court-cases","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=81095"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81095\/revisions"}],"predecessor-version":[{"id":81097,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81095\/revisions\/81097"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/81096"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=81095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=81095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=81095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}