crypto strategy

SEC sued by crypto-focused law firm, Nouriel Roubini tweets sarcastic comment

Youri Molchan

A prominent crypto hater has slammed a crypto firm that sued the SEC for harming the crypto industry

Contents

  • “Crypto crooks now blame the SEC”
  • Roubini and Calvin Ayre tweet sarcastic comments

Economist Nouriel Roubinialso known as “Dr. Doom” for his accurate prediction of the 2008-2009 mortgage market crisis, who is also a vocal crypto hater, took to Twitter to extend his disgust to the space of cryptocurrency.

He shared a link to an article on LinkedIn about crypto firm Hodl Law PLLC suing the U.S. Securities and Exchange Commission, claiming it was based on “completely false arguments.” Among them, according to Roubini, is an indictment against the SEC regarding the recent collapse of FTX.

As a reminder, the SEC was involved in a lawsuit against Ripple Labs and XRP, claiming the latter was an unregistered security and suing top Ripple executives for selling it to investors.

“Crypto crooks now blame the SEC”

In his dismissive comment, Roubini referenced a LinkedIn post by John Reed Stark, president of John Reed Stark Consulting and former head of the SEC Office of Internet Enforcement.

Stark, as an attorney and former top SEC executive, slammed the legal complaint against the securities regulator, calling it “perhaps one of the most ridiculous legal documents” he has ever read. and related to the crypto space.

Basically, the crypto law firm accuses the SEC of three things: the lack of regulatory clarity provided to the crypto space, the violation of the rights of legally licensed crypto-financiers, and “failure to provide notice” fair” of his anti-crypto stance. Furthermore, the SEC is overstepping its authority by practicing “regulation by execution” and stifling innovation in the field of digital currencies and blockchain.

The complaint, in particular, states that the SEC has no jurisdiction over the digital assets of the US Congress and that the SEC’s entire strategy has been “to be deliberately ‘confusing’ in order to maintain maximum flexibility to prosecute at will. (and without reasonable notice).” The complaint also examines the SEC’s attempt to classify the digital assets of the companies attacked by it as securities, when it has long labeled Ethereum’s ETH as unsafe.

Defendant has refused to provide public guidance on its subjective belief regarding the classification status of the Ethereum Network and Ether DCU despite thousands of requests from the American public.

Roubini and Calvin Ayre tweet sarcastic comments

Nouriel Roubini, a well-known cryptocurrency critic, said in his tweet that the plaintiff blamed the “FTX debacle and impending crypto extinction” on the securities regulator.

For him, the arguments raised in the complaint are “pseudo-arguments”. Billionaire and supporter of the Bitcoin SV chain (as well as self-proclaimed Satoshi Nakamoto Craig Wright) Calvin Ayre tweeted to agree with Roubini. He wrote that this lawsuit is likely to harm the entire crypto space as it “highlights how bad everything is in crypto.” Furthermore, he called Hodl Law PLLC’s name a “Ponzi scheme for retail crypto consumers.”



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