{"id":519609,"date":"2023-02-14T10:30:29","date_gmt":"2023-02-14T10:30:29","guid":{"rendered":"https:\/\/ktsl888.com\/?p=519609"},"modified":"2023-02-14T09:33:43","modified_gmt":"2023-02-14T09:33:43","slug":"blockchain-association-wants-to-stem-sec-regulation-by-enforcement","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/blockchain-association-wants-to-stem-sec-regulation-by-enforcement\/","title":{"rendered":"Blockchain Association Files Amicus Brief, Wants To Stem SEC&#8217;s &#8216;Regulation By Enforcement&#8217; Trend"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Blockchain Association, an organization that advocates for peer-to-peer technology that hands back power to creators and users, has filed an amicus brief in the ongoing SEC v. Wahi federal case.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The SEC v. Wahi Case<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Posting on Twitter and updating the community on the amicus brief filing, Marisa Tashman Coppel, the policy counsel of the Blockchain Association, said they want to counter what they see as a trend by the United States Securities and Exchange Commission\u2019s (SEC) to regulate crypto projects by enforcement.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ Today, the <a href=\"https:\/\/twitter.com\/BlockchainAssn?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@BlockchainAssn<\/a> filed an amicus brief in SEC v. Wahi, an enforcement action indicating a new pattern by the agency &#8211; regulation by enforcement against third parties, who have no meaningful opportunity to defend themselves. <a href=\"https:\/\/t.co\/oppo3sKWg0\" rel=\"nofollow\">https:\/\/t.co\/oppo3sKWg0<\/a> <a href=\"https:\/\/t.co\/4FLLtCibv2\" rel=\"nofollow\">pic.twitter.com\/4FLLtCibv2<\/a><\/p>\n<p>&mdash; Marisa Tashman Coppel (@MTCoppel) <a href=\"https:\/\/twitter.com\/MTCoppel\/status\/18507264?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Marisa added that the SEC has been penalizing firms and users, imposing enforcement actions against third parties with no meaningful opportunities to defend themselves.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ethereum\/sec-goes-after-ethereum-staking-but-what-happens-to-all-the-staked-eth\/\">SEC Goes After Ethereum Staking, But What Happens To All The Staked ETH?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">On July 21, 2022, the SEC\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-127\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">pressed<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0insider trading charges against Ishan Wahi, a former Coinbase product manager, his brother, and his friend for allegedly perpetrating a scheme ahead of major coin listing announcements.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The agency claims that Wahi and his associates profited from trading \u201cat least nine unregistered securities\u201d from June 2021 to April 2022. In their activities, they made $1.1 million in profits.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Their actions, the SEC continued, were against the terms of their duties. Coinbase repeatedly warned its employees not to make trades based on confidential information.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The United States Department of Justice (DoJ) also charged Wahi, his brother, and fried with wire fraud charges.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Regulation By Enforcement Needs To Stop\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The SEC is a top regulator in the United States tasked with, among other duties, protecting investors, facilitating the building of capital formation, and ensuring that the markets are operated fairly and efficiently.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As part of their mandate of protecting retail investors and ensuring that everyone plays on a level field, the agency applies various guidelines that, under their assessment, the digital asset can be classified as an investment contract, compliant with the Howey Test.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Under the Howey Test, an asset is an investment contract, and under the United States securities law, if there is an \u201cinvestment of money in a common enterprise with a reasonable expectation of profits from the efforts of others.&#8221;\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/defi\/coinbase-wallet-introduces-transaction-preview-for-better-security\/\">Coinbase Wallet Introduces \u201cTransaction Preview\u201d For Better Security<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">While they have roles to play, the Blockchain Association is now filing an amicus brief in the SEC vs. Wahi case because it believes the SEC must prove that the nine tokens are indeed securities. Subsequently, this will force the court and the presiding judge to conduct nine \u201cmini-trials\u201d to make that determination.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ The SEC filed a complaint yesterday accusing ten companies of violating the securities laws: nine digital asset issuers &amp; one exchange.<\/p>\n<p>None of them are defendants in the case. None of them will get their day in court.<\/p>\n<p>If this isn&#39;t regulation by enforcement, nothing is \ud83e\uddf5<\/p>\n<p>&mdash; Jake Chervinsky (@jchervinsky) <a href=\"https:\/\/twitter.com\/jchervinsky\/status\/61589762?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Moreover, the Blockchain Association notes that the creators of the nine tokens are also not listed as defendants in this lawsuit. Therefore, they cannot defend themselves against the accusations leveled by the SEC.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Blockchain Association says that the SEC is improperly characterizing the Howey Test in this case. Furthermore, the team behind the nine projects will have to depend on Wahi defendants, who are strangers to their protocol.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It is this pattern of the SEC \u201calleging what it wants\u201d without care that it can be held accountable that the Blockchain Association thinks should come to an end.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In December 2020, SEC sued Ripple Inc.\u2019s executives, including Bradley Garlinghouse, for conducting an illegal ICO and raising over $1 billion from selling XRP, which they claim is an unregistered security.<\/span><\/p>\n<figure id=\"attachment_519611\" aria-describedby=\"caption-attachment-519611\" style=\"width: 840px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-519611\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ripple-XRP-Price-On-February-14.png?resize=840%2C518\" alt=\"Ripple XRP Price On February 14\" width=\"840\" height=\"518\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ripple-XRP-Price-On-February-14.png?w=840 840w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ripple-XRP-Price-On-February-14.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ripple-XRP-Price-On-February-14.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Ripple-XRP-Price-On-February-14.png?w=750 750w\" sizes=\"(max-width: 840px) 100vw, 840px\"><figcaption id=\"caption-attachment-519611\" class=\"wp-caption-text\">Ripple XRP Price On February 14| Source: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">XRPUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Feature image from REUTERS\/Jonathan Ernst, Chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain Association, an organization that advocates for peer-to-peer technology that hands back power to creators and users, has filed an amicus brief in the ongoing SEC v. Wahi federal case. The SEC v. Wahi Case Posting on Twitter and updating the community on the amicus brief filing, Marisa Tashman Coppel, the policy counsel of the Blockchain Association, said they want to counter what they see as a trend by the United States Securities and Exchange Commission\u2019s (SEC) to regulate crypto projects by enforcement.\u00a0 1\/ Today, the @BlockchainAssn filed an amicus brief in SEC v. Wahi, an enforcement action indicating a new pattern by the agency &#8211; regulation by enforcement against third parties, who have no meaningful opportunity to defend themselves. https:\/\/t.co\/oppo3sKWg0 pic.twitter.com\/4FLLtCibv2 &mdash; Marisa Tashman Coppel (@MTCoppel) February 14, 2023 Marisa added that the SEC has been penalizing firms and users, imposing enforcement actions against third parties with no meaningful opportunities to defend themselves. Related Reading: SEC Goes After Ethereum Staking, But What Happens To All The Staked ETH? On July 21, 2022, the SEC\u00a0pressed\u00a0insider trading charges against Ishan Wahi, a former Coinbase product manager, his brother, and his friend for allegedly perpetrating a scheme ahead of major coin listing announcements.\u00a0 The agency claims that Wahi and his associates profited from trading \u201cat least nine unregistered securities\u201d from June 2021 to April 2022. In their activities, they made $1.1 million in profits.\u00a0 Their actions, the SEC continued, were against the terms of their duties. Coinbase repeatedly warned its employees not to make trades based on confidential information.\u00a0 The United States Department of Justice (DoJ) also charged Wahi, his brother, and fried with wire fraud charges. Regulation By Enforcement Needs To Stop\u00a0 The SEC is a top regulator in the United States tasked with, among other duties, protecting investors, facilitating the building of capital formation, and ensuring that the markets are operated fairly and efficiently.\u00a0 As part of their mandate of protecting retail investors and ensuring that everyone plays on a level field, the agency applies various guidelines that, under their assessment, the digital asset can be classified as an investment contract, compliant with the Howey Test.\u00a0 Under the Howey Test, an asset is an investment contract, and under the United States securities law, if there is an \u201cinvestment of money in a common enterprise with a reasonable expectation of profits from the efforts of others.&#8221;\u00a0 Related Reading: Coinbase Wallet Introduces \u201cTransaction Preview\u201d For Better Security While they have roles to play, the Blockchain Association is now filing an amicus brief in the SEC vs. Wahi case because it believes the SEC must prove that the nine tokens are indeed securities. Subsequently, this will force the court and the presiding judge to conduct nine \u201cmini-trials\u201d to make that determination.\u00a0 1\/ The SEC filed a complaint yesterday accusing ten companies of violating the securities laws: nine digital asset issuers &amp; one exchange. None of them are defendants in the case. None of them will get their day in court. If this isn&#39;t regulation by enforcement, nothing is \ud83e\uddf5 &mdash; Jake Chervinsky (@jchervinsky) July 22, 2022 Moreover, the Blockchain Association notes that the creators of the nine tokens are also not listed as defendants in this lawsuit. Therefore, they cannot defend themselves against the accusations leveled by the SEC.\u00a0 Blockchain Association says that the SEC is improperly characterizing the Howey Test in this case. Furthermore, the team behind the nine projects will have to depend on Wahi defendants, who are strangers to their protocol.\u00a0 It is this pattern of the SEC \u201calleging what it wants\u201d without care that it can be held accountable that the Blockchain Association thinks should come to an end. In December 2020, SEC sued Ripple Inc.\u2019s executives, including Bradley Garlinghouse, for conducting an illegal ICO and raising over $1 billion from selling XRP, which they claim is an unregistered security. Feature image from REUTERS\/Jonathan Ernst, Chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":519610,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[16208,3680,3799,87832,4531],"class_list":["post-519609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blockchain-association","tag-ripple","tag-sec","tag-sec-vs-wahi","tag-xrp"],"acf":[],"yoast_head":"\n<title>Blockchain Association Files Amicus Brief, Wants To Stem SEC&#039;s &#039;Regulation By Enforcement&#039; Trend<\/title>\n<meta name=\"description\" content=\"Blockchain Association has filed an amicus brief in the SEC v. Wahi ongoing federal case. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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