SEC files lawsuit against 10 companies

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After Ishan Wahi, a former Coinbase executive, was charged with criminal e-fraud by the Justice Department, ten companies were indicted by the Securities and Exchange Commission. However, the latter have not been publicly accused. Some analysts believe the SEC complaint makes no legal sense and object.

The SEC allegations would be unfounded

Jake Cherwinski’s account tweeted July 22 about filing lawsuits with the SEC against 10 companies it claims violate securities laws. Specifically, these are nine companies that use digital assets and a cryptocurrency exchange. Nine companies accused of not registering digital asset securities.

In fact, the SEC based its claims on former Coinbase Chief Product Officer Ishan Wahi being indicted by the United States Department of Justice (DOJ) for criminal electronic fraud. Ishan Wahi, along with his brother and friend of his, committed the initiation crime for which he was accused. It turns out that the three defendants have bought 25 digital assets, of which at least nine are titles.

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However, some analysts believe the SEC was wrong. As a result, the court adopted an unfair strategy as it relied on a domestic crime case to convict the companies without evidence. However, the ten companies indicted by the SEC are unrelated and have not previously been indicted by the courts.

The SEC has blamed ten cryptocurrency companies with no evidence and appears to be ignoring the benefit of the doubt, which is an important principle in the United States nonetheless. According to some analysts, the jurisprudence of this law sets an important precedent for the entire cryptocurrency industry.

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