The Bittrex platform is the latest victim of the US 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 cryptocurrency’s development teams, who made it known where the SEC was wrong.
Dash speaks out against SEC’s crusade
Kraken, Coinbase, Binance US, and now Bittrex… Cryptocurrency exchange platforms have been in the sights of a particularly hostile SEC in recent weeks. Its chairman Gary Gensler says: these companies offer unregulated “securities”, so they must fall in line.
Should they? That’s the question the crypto ecosystem is asking in the face of a seemingly overzealous regulator. Among the securities sold by Bittrex are OMG Network (OMG), Algorand (ALGO), Monolith (TKN), NAGA (NGC) and IHT Real Estate Protocol (IHT), as well as Dash. And Dash has just commented on 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
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– Dash⚡ (@Dash_Community) April 17, 2023
“There is no reasonable interpretation by which Dash could be called security. “
Securities are defined as: “an investment in a common enterprise with an expectation of profit 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 their management of nodes, but no one gets paid just because they hold Dash. “
No central control group
The Dash community points out, among other things, that the Dash control group fantasised 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 spent on, but they are of course not redistributed directly to individuals.
For Dash, cryptocurrency is as much a security as Bitcoin (BTC) or Litecoin (LTC): that is, not at all. Moreover, why target Dash here, and not Ether (ETH) for example, which has been called a security by SEC Chairman Gary Gensler?
The SEC’s actions sometimes seem inconsistent, and it would appear that they have attracted the attention of Congress. Today, Gary Gensler will testify before the American institution, in particular to justify the regulator’s initiatives. Will this change things? We don’t know yet, but Dash is standing firm:
“Peer-to-peer digital cash is not a crime. Financial sovereignty is not a crime. Decentralised governance is not a crime. Privacy is not a crime.”
