Pro-XRP lawyer says it’s easier to register heroin than crypto in the US
Hogan claims that registering illegal substances with the sheriff’s office is easier than registering crypto companies with the US SEC.
Attorney Jeremy Hogan, a partner at Hogan & Hogan, has criticized the Securities and Exchange Commission (SEC) for making it difficult for crypto companies to register. In a tweet yesterday, the pro-XRP lawyer said that successfully registering cryptocurrency projects with the US SEC is harder than registering illegal drugs like heroin with the local sheriff.
You are more likely to succeed in registering your heroin with the local sheriff’s office than registering your crypto projects with the SEC.
— Jeremy Hogan (@attorneyjeremy1) 6 April 2023
The SEC’s “Come in and Register” is a trap
Hogan argued that this year has shown that the US crypto industry suffers from a lack of clear rules from securities regulators and the government’s misunderstanding of the emerging asset class.
According to Hogan, the United States federal government believes that the entire cryptosphere is fraudulent and must be stopped from growing further.
Hogan further called SEC Chairman Gary Gensler’s invitation to crypto companies 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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Remember that Ripple’s General Counsel Stuart Alderoty too reverberation 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 advocate claimed in response to an article in the US magazine WIRED. The article highlighted the turf war between the CFTC and the SEC over who gets to oversee the US cryptocurrency industry. However, this war has left cryptocurrency companies stuck in the middle as the agencies seek control over the crypto market.
Remember, the SEC accused Kraken of offering unregistered securities via its crypto staking product. Kraken paid a $30 million fine to settle with the SEC and agreed to shut down the service.
The following month, The SEC sent a Wells Notice to Coinbase, thereby 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 commodity laws via its offerings.
After Coinbase came Binnace Us tern, where the US CFTC sued Binance and its CEO.
The aggressive approach by regulators comes after the collapse of cryptocurrency exchange FTX. While some members of the public believe that the regulators are trying to prevent a repeat of the FTX debacle, some believe that the crackdown stems from the agencies’ hostility to crypto.
“I don’t think FTX was the cause, so much as the excuse,” so Mick Mulvaney, a former White House chief of staff. “If people wondered what the attitude was like at the beginning of the year, now they know it’s hostile.”
In the latest commentary against Crypto, the US Treasury said that crypto markets threaten national security.
The US Treasury warns that decentralized crypto markets are a threat to national security and must be closely monitored to prevent money laundering.
— TheCryptoBasic (@thecryptobasic) 7 April 2023
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