A prominent cryptocurrency hater has criticized a crypto company that sued the SEC for harming the crypto industry
economic Nouriel RoubiniDoom, also known as “Dr. Doom” for his accurate prediction of the 2008-2009 subprime mortgage market crisis, and who is also an outspoken hater of cryptocurrency, took to Twitter to expand his disgust with the cryptocurrency space.
He shared a link to Article on LinkedIn About cryptocurrency-focused firm Hodl Law PLLC suing the US Securities and Exchange Commission, saying it was based on “completely bogus arguments.” Among them, according to Roubini, is an accusation against the Securities and Exchange Commission regarding the recent collapse of FTX.
As a reminder, the SEC has been embroiled in a lawsuit against Ripple Labs and XRP, claiming the latter is an unregistered security and suing senior Ripple executives for selling it to investors.
“Crypto fraudsters now blame the SEC”
In his disparaging comment, Roubini referred to a LinkedIn post by John Reed Stark, president of John Reed Stark Consulting and former head of the SEC’s Office of Internet Enforcement.
Stark, as a lawyer and former high-ranking SEC executive, blasted the legal complaint against the securities regulator, calling it “probably one of the most ridiculous legal documents” he had ever read that had to do with the crypto space.
Basically, the crypto law firm is accusing the SEC of three things: a lack of regulatory clarity provided for the crypto space, violating the rights of legally sanctioned crypto financiers and “failing to provide ‘fair notice’ of its anti-crypto position.” Besides, the SEC is exceeding its power by practicing “regulation through enforcement” and stifling innovation in the field of cryptocurrency and blockchain.
In particular, the complaint notes that the SEC has no jurisdiction over digital assets from the US Congress and that the SEC’s entire strategy was “deliberate” to be “confounding” in order to maintain maximum flexibility to sue at will ( And without fair notice.). The complaint also looks into the SEC’s attempt to classify the digital assets of the companies it attacked as securities, while long terming Ethereum’s ETH as unsafe.
The defendant declined to provide general guidance as to his personal belief regarding the classification status of the Ethereum network and the Ether DCU despite thousands of requests from the US public.
Roubini and Calvin Ayer tweeted sarcastic comments
Nouriel Roubini, a well-known cryptocurrency critic, stated in his tweet that the plaintiff blames the securities regulator for the “FTX disaster and the imminent extinction of cryptocurrencies.”
John Reed Stark on LinkedIn: Crypto-focused law firm Hodl Law PLLC has filed a lawsuit against US Securities..
Based on completely bogus arguments. Cryptocurrency scammers are now blaming the SEC for the FTX debacle and cryptocurrency’s extinction. What a pile of spurious arguments for crypto-composting! https://t.co/bFRJik8NJ7
– Nouriel Roubini (Nouriel) November 24, 2022
For him, the arguments cited in the complaint are “bogus arguments”. Billionaire and supporter of the Bitcoin SV chain (plus Self-proclaimed Satoshi Nakamoto Craig Wright) Calvin Ayre tweeted to agree with Roubini. He wrote that this legal action has the potential to damage the entire crypto space because it “underscores how stupid everything in crypto is.” Along with this, Hodl Law PLLC has been called a “Ponzi scam for retail cryptocurrency consumers.”
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