SEC ‘deeply regrets’ errors in crypto case, asks judge to waive sanctions after misleading statements.

[jafo]

SEC ‘deeply regrets’ errors in crypto case, asks judge to waive sanctions after misleading statements. Attorneys for the Securities and Exchange Commission apologized to a judge on Thursday for misrepresenting facts used to secure a restraining order and asset freeze against a crypto firm. In a filing submitted to the U.S. District Court of Utah, in response to the judge’s order to show cause for its misstep, the SEC attorneys wrote that the commission “deeply regrets these orders” and promised to conduct mandatory training for staff members involved in the investigation.

Here's the court filing: https://storage.courtlistener.com/recap/gov.uscourts.utd.141167/gov.uscourts.utd.141167.233.0.pdf

PS. If you want to read the article but don't have a subscription, Google "reading articles behind a paywall"

 

[void]

they should hang these blatantly corrupt bastards

 

[jafo]

they should hang these blatantly corrupt bastards

I approve of this message!

 

[polonieth]

SEC ‘deeply regrets’ errors in crypto case, asks judge to waive sanctions after misleading statements. Attorneys for the Securities and Exchange Commission apologized to a judge on Thursday for misrepresenting facts used to secure a restraining order and asset freeze against a crypto firm. In a filing submitted to the U.S. District Court of Utah, in response to the judge’s order to show cause for its misstep, the SEC attorneys wrote that the commission “deeply regrets these orders” and promised to conduct mandatory training for staff members involved in the investigation.

Here's the court filing: https://storage.courtlistener.com/recap/gov.uscourts.utd.141167/gov.uscourts.utd.141167.233.0.pdf

PS. If you want to read the article but don't have a subscription, Google "reading articles behind a paywall"

I saw an interesting clip from Musk the other day, who said SEC Lawyers are poorly paid and are just looking for a trophy prosecution that will allow them to land a higher-paying job at a law firm. Those same law firms they desire to work for are the ones employed by hedge funds and various other financial instruments, so they will never go after them for that reason.

Interested to see how the Richard Heart case goes, it looks to be built on thin air tbh and more of a witch hunt than anything substantive, but we shall see.

 

[jafo]

just looking for a trophy prosecution that will allow them to land a higher-paying job at a law firm. Those same law firms they desire to work for are the ones employed by hedge funds and various other financial instruments, so they will never go after them for that reason.

#Bingoooooooooooooo

It's called regulatory capture! Investopedia - Regulatory Capture Definition With Examples

This clip of The Big Short lays it out:

Interested to see how the Richard Heart case goes

 

[JohnLocke]

It is only public institutions that can afford such a maneuver.

 

[wellington]

It's like they said in their last court room appearance "we have sovereign immunity so you can't fine us".

It's state based racketeering utilising the state apparatus against individuals or entities that can't follow a law that isn't defined.

They use the old "its a security" yet fail to provide straightforward statements on what makes ETH a commodity and not a Security.
Then there's the law that found XRP not to be a security (in part).
- So if its not a security then it can't be a violation of regulations, or the law.

Like the UK FCA said, we don't regulate pokemon, so why should we regulate crypto which is a utility function/payment token/pre-payment token.