The Bittrex platform is the latest victim of the United States Securities and Exchange Commission (SEC), which has gone on a crusade against the crypto ecosystem. As usual, Bittrex is accused of having sold “securities”, including Dash (DASH). An interpretation rejected out of hand by the development teams of the cryptocurrency, who made it known where the SEC was wrong.
Dash speaks out against SEC crusade
Kraken, Coinbase, Binance US, and now Bittrex… Cryptocurrency exchange platforms have been targeted by a particularly hostile SEC in recent weeks. Its president Gary Gensler affirms it: companies of this type offer unregulated financial securitiesand so they must fall into line.
Really ? This is the whole question posed by the crypto ecosystem in the face of a regulator who seems to be overzealous. Among the securities sold by Bittrex, there would be OMG Network (OMG), Algorand (ALGO), Monolith (TKN), NAGA (NGC) and IHT Real Estate Protocol (IHT), as well as Dash. And this last just let it be known what she thought of the SEC’s interpretation :
The US Securities and Exchange Commission (SEC) is suing Bittrex for what they allege is selling illegal securities. One of the assets listed was #Dash ?
There’s no reasonable interpretation that would call Dash a security. Let’s break down what this means?
1/11
— Dash⚡? (@Dash_Community) April 17, 2023
“There is no reasonable interpretation by which Dash could be called a security.»
Securities are defined as follows:an investment in a joint venture with an expectation of profits from the efforts of others“. And for the Dash community, it has nothing to do with cryptocurrency :
“There is no reasonable expectation of profit with Dash. It is a payment technology. Miners get paid for their work, masternodes get paid for running nodes, but no one gets paid just for holding Dash.»
? Going Deeper – What is Dash (DASH) cryptocurrency?
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No central control group
The Dash community points the finger in particular that the Dash control group fantasized by the SEC does not exist…And that governance participants do not receive funds directly from the community. Dash’s DAO decides each month which projects the funds are dedicated to, but these are of course not redistributed directly to individuals.
For Dash, the cryptocurrency is just as much a security as Bitcoin (BTC) or Litecoin (LTC) : i.e. not at all. Moreover, why target here Dash, and not Ether (ETH) for example, which was nevertheless qualified as security by the chairman of the SEC Gary Gensler?
SEC actions sometimes seem inconsistent, and it would seem that they have caught the attention of Congress. Today, Gary Gensler will indeed testify before the American institution, in particular to justify the initiatives of the regulator. Will this change things? We don’t know for the moment, but for his part, Dash remains firm:
“Peer-to-peer digital cash is not a crime. Financial sovereignty is not a crime. Decentralized governance is not a crime. Privacy is not a crime.»
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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