Legal expert accuses the SEC of ‘making sh*t up as they go’
Amid what seems to be a crusade waged by the United States Securities and Exchange Commission (SEC) against the cryptocurrency industry despite the lack of clear regulatory guidelines, legal expert Bill Morgan has accused the agency of “ making sh*t up” as they go. As it happens, the chief legal officer (CLO) at Coinbase, a crypto exchange and the regulator’s current target, Paul Grewal, pointed out the inconsistencies in the SEC’s reasoning, to which Morgan mocked the agency as making arguments up as they went, in his X post on April 4. SEC answer: “we can’t answer that, we are just making this up as we go.” https://t.co/SYBnJd7YrI — bill morgan (@Belisarius2020) April 4, 2024 Inconsistencies in regulation Specifically, Grewal was referring to the facts that everyone agreed that Bitcoin (BTC) was not a security, including the SEC Chairman Gary Gensler, at the same time wondering why the same principle could not apply to other assets in the crypto sector: Pick...