Two individuals sued by the SEC for allegedly running a fraudulent crypto mining scheme are seeking the lawsuit dismissed, arguing that the regulator has no authority over crypto.
SEC lawsuits continue unabated. Conflicting with many crypto companies and individuals, the SEC has come to the fore with a case regarding mining this time. Accused of executing a $18 million crypto mining scheme, Wright Thurston and Kristoffer Krohn are seeking dismissal, arguing that the SEC has no jurisdiction over cryptocurrencies.
Strong Responses to SEC from Case Defendants
Wright Thurston and Kristoffer Krohn filed separate petitions to dismiss the case on May 19. The defendants’ insistence that the SEC should not have such authority added yet another issue to the SEC-crypto tension. Further, Thurston and Krohn added in their report on the dismissal of the lawsuit that Congress “considered and denied” the SEC’s authority over crypto, claiming that the SEC has no authority over the digital asset ecosystem.
The defendants expressed their common views on the case as follows;
The SEC has been vague and inconsistent in defining crypto. Instead, he abandoned proposed legislation or rulemaking efforts, choosing to sue the path to a coherent regulatory scheme.”
The litigation incidents on the SEC side, which increased day by day, led to the reaction of many crypto investors. It is seen that the news flow is of great importance for the market, which has been flat for a while. The fact that the SEC is on the agenda in this way is one of the factors that can push the market back.
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