BIG NEWS: Today, a crypto market participant sued the SEC proactively for the 1st time. This is huge. All plaintiffs ask for is clarity - it shouldn't be this hard.

BIG NEWS: Today, a crypto market participant sued the SEC proactively for the 1st time. This is huge. All plaintiffs ask for is clarity - it shouldn't be this hard.

https://storage.courtlistener.com/recap/gov.uscourts.txnd.386710/gov.uscourts.txnd.386710.1.0.pdf

Head of Legal @ Blockchain Association. Casts not legal advice. 

Author of @ The Undefined on Substack. 

Plaintiffs make one claim - under the Declaratory Judgment Act. 

They ask the court for 3 things:

1) order that secondary market sales of digital assets are not sales of securities

2) declare http://Legit.Exchange doesn't need to register with the SEC as an exchange, broker, or clearing house, and

What's next?
After the SEC is served, they have 60 days to respond to the complaint with either an answer, a motion to dismiss, or a request for more time. 

Stay tuned...

3) prevent the SEC from “bringing an enforcement action against LEJILEX or similarly situated CFAT members premised on any purported failure to register as securities exchanges, brokers, or clearing agencies.”