15.9 C
October 5, 2022
Image default

Mati Greenspan: SEC may start hitting the cryptocurrency market –

The founder of Quantum Economics, Mati Greenspan, is concerned that the latest SEC action against the decentralized LBRY platform could be the start of a new trend that will threaten the future of all cryptocurrencies.

Mati Greenspan: SEC could hit the cryptocurrency market

According to a complaint filed by the SEC on March 29, LBRY allegedly offered and sold unregistered securities via LBRY Credit tokens. These activities continued since 2016. The company contested the SEC’s allegations, saying its tokens were focused on usability and not used for speculation.

In my newsletter Greenspan said if the SEC lawsuit against LBRA was successful, it would have dramatic consequences. In his opinion “It would literally call into question the future of all cryptocurrencies, including Bitcoin and Ether.”

Greenspan notes that the United States is lagging far behind cryptocurrency regulation and warns that this case could create a precedent for classifying “Multi-faceted programmable money” as securities.

“Judges generally follow directions from previous rulings in similar cases, so a negative ruling here could make it easier for them to kill any project that uses tokens.”, added.

Greenspan believes that the platform’s only crime was that it was founded in the United States. As a result of the actions of SEC, a startup may become “driven out of the United States. “ “Such projects are booming in Europe and parts of Asia, and the technology continues to flourish around the world. America is lagging behind “, added.

Defense against the SEC

LBRY contested the SEC’s allegations, arguing that while “The SEC says the tokens have no use other than speculation,” in fact, they allow users to tip, publish, buy and improve content on the platform.

Greenspan urged its readers to write a letter to authorities to show support for LBRA or visit helplbrysavecrypto.com to learn more about “The idiotic actions of American regulators.”

Despite all this, he said Cointelegraphthat he is still optimistic.

– Hopefully the judge will be able to see some glaring holes in the SEC case. LBRY seems to have very reasonable arguments so I’m optimistic – he said.

Related posts

Francis Suarez: “We need a pro-Bitcoin US president”

Anupreet Kaur

How do transactions work on the Bitcoin network? Bitcoin for beginners Blocksats

Aparnna Hajirnis

Bitcoin to “important trend line” that continues from 17-year bubble, surpassing 1 million yen

Aparnna Hajirnis

Leave a Comment