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per @coingecko
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This afternoon, the SEC filed a motion seeking a TRO and preliminary injunction against https://t.co/HrbX93eYuS attempting to, amongst other things, freeze https://t.co/HrbX93eYuS corporate assets. User assets remain safe and secure and the platform continues to be fully operational with deposits and withdrawals functioning as normal.
The filing of the preliminary injunction is unwarranted and based more on the SEC Staff obtaining an advantage in litigation versus genuine concern about the safety of customer assets. Until recently – despite years of engagement – the SEC Staff has not expressed a concern about the safety of customer assets. And through near around-the-clock dialogue over the past week, company’s counsel addressed SEC Staff’s concerns regarding the safety of customer assets. Despite the information the company has provided to ensure SEC Staff of the safety of customer assets, the Staff has nonetheless decided to file the motion seeking a temporary restraining order and preliminary injunction. While we are disappointed by this action, we look forward to defending ourselves in court.
Today, the SEC filed civil claims against https://t.co/HrbX93eYuS in what is the latest example of regulation by enforcement under the current Commission. To be clear, we believe the lawsuit is baseless and we intend to defend ourselves vigorously. However, we want to address what has become an all-too-common occurrence for entities and individuals operating in the American digital assets industry.
For nearly two and a half years, https://t.co/HrbX93eYuS has engaged in good faith with the SEC. All along, the objective of our engagement has been consistent: work constructively toward a clear, practical regulatory framework that enables businesses like ours to grow, create jobs, and provide American consumers safe access to digital assets.
While we remain open to a productive compromise that protects our customers and their digital assets, with this latest action taken against our business and following similar actions taken against Coinbase, Gemini, Kraken, and other market participants, the SEC seeks a near eradication of our industry.
Simply put, today’s filing is unjustified by the facts, by the law, or by the Commission’s own precedent. The relief sought by the Commission would harm the very investors the SEC is charged with protecting. It would also stifle innovation and punish our company and industry rather than working to allow American businesses to thrive.
We continue to call on Congress to step in and pass bipartisan legislation that creates a workable regulatory regime for digital assets and reins in the bureaucratic overreach of which our industry is the victim. Until then, our country’s role as a leader and innovator will continue to be undermined.
The SEC's latest filing represents legal maneuvering rather than genuine concern for https://t.co/HrbX93eYuS customers and the safety of their assets.
The SEC has shown in bringing this case, and countless others, that its true interest lies in political grandstanding and land grabbing, not in protecting consumers or allowing businesses to thrive in the US.
All https://t.co/HrbX93eYuS customer assets remain safe and secure and deposits and withdrawals are functioning as usual. To reiterate, this requested order does not seek to freeze customer assets. We continue to believe the SEC's allegations are baseless and we look forward to defending ourselves in court.