Hogan asserts that registering illicit drugs at the Sheriff’s office is easier than registering crypto companies with the US SEC.
Attorney Jeremy Hogan, a partner at Hogan & Hogan, has slammed the Securities and Exchange Commission (SEC) for making it difficult for crypto companies to register. In a tweet yesterday, the pro-XRP attorney said it is more difficult to successfully register cryptocurrency projects with the US SEC than registering illicit drugs like heroin with the local Sheriff.
You are more likely to succeed in registering your heroin with the local sheriff’s office than you are to successfully register your crypto projects with the SEC.
— Jeremy Hogan (@attorneyjeremy1) April 6, 2023
SEC’s “Come in and Register” Is a Trap
Hogan asserted that this year has shown that the United States crypto industry suffers from a lack of clear rules from the securities regulators and the government’s misconception about the emerging asset class.
According to Hogan, the United States federal government believes that the entire crypto sphere is fraudulent and must be stopped from growing further.
Hogan further bashed SEC Chair Gary Gensler’s invitation to crypto companies as a lie and a trap the commission wants to use against unregistered companies.
“The SEC’s ‘come in and register’ is a lie. It’s just a trap.”
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Recall that Ripple’s general counsel Stuart Alderoty also echoed similar views last month, calling the SEC’s “come in and register” remark a “bait and switch” trap.
Crypto Stuck in CFTC and SEC Turf War
The pro-XRP attorney asserted in response to an op-ed article in the American magazine WIRED. The article emphasized the turf war between the CFTC and the SEC over who gets to oversee the United States cryptocurrency industry. However, this war has seen cryptocurrency companies stuck in the middle as the agencies seek control over the crypto market.
Recall that the SEC charged Kraken with offering unregistered securities via its crypto-staking product. Kraken paid a $30 million fine to settle with the SEC and agreed to shutter the service.
The following month, the SEC sent a Wells Notice to Coinbase, thus confirming the agency’s plans to sue the exchange over allegations that the company violated securities laws. On March 27, the CFTC filed charges against Binance for violating US commodities laws via its offerings.
After Coinbase came Binnace Us tern, where US CFTC sued Binance and its CEO.
The aggressive approach by the regulators come following the collapse of the cryptocurrency exchange FTX. While some public members believe the regulators are trying to prevent a recurrence of the FTX debacle, some believe the crackdown stems from the agencies’ hostility against crypto.
“I don’t think FTX was the cause, as much as the excuse,” said Mick Mulvaney, a former White House chief of staff. “If people wondered what the attitude was at the beginning of the year, now they know it’s hostile.”
In the most recent comment against Crypto, US Treasury said crypto markets threaten national security.
US Treasury warns that decentralized crypto markets are threat to national security and must be monitored closely to prevent money laundering.
— TheCryptoBasic (@thecryptobasic) April 7, 2023
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