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There is no connection between the SEC and cryptocurrency prices, according to blockchain lawyer Stephen Palley. Speaking to Bloomberg TV, Palley stated, "I'm not sure there's necessarily any causation between recent SEC actions and the price of cryptocurrencies. I find it hard to see a direct link between the two."
Palley pointed out that the United States is not the only cryptocurrency market globally, and the enforcement of securities laws varies by country. Therefore, the SEC's enforcement actions may not necessarily impact the entire cryptocurrency world.
The SEC is not trying to curb ICOs. When asked if the SEC is attempting to send a message to the crypto community through its recent high-profile actions, Palley disagreed. The SEC recently fined Paragon and AirFox for selling tokens that were not registered as securities, demanding the companies refund funds to ICO investors. Paragon was ordered to return $12 million to investors, and AirFox was instructed to return $15 million.
Palley stated that he doesn't believe the SEC's actions are meant to send a frightening message to deter ICO activities. He said, "I don't know that the SEC, when it's doing enforcement actions or when it's issuing cease and desist orders against companies that violate the securities laws, is trying to send a message."
"The SEC has made it clear over this period that cryptocurrency can be a very good technology, but securities laws still apply." |
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Post time 10-12-2023 07:13:16