The US Securities and Exchange Commission, in a move that’s as surprising as a squirrel wearing a monocle, has requested more time to respond to a motion to dismiss one of its crypto enforcement cases. This isn’t just a simple “hey, we need a little more time” situation, though. Nope, it’s all about their brand-new, shiny crypto task force. Apparently, this task force is so powerful, so groundbreaking, so utterly bewildering, that it might just rewrite the entire history of crypto, even if it hasn’t actually done anything yet. 🤔
“We’re making things up as we go along and need a few more weeks to figure out what we’re actually doing.” 🤪
“[…] the SEC believes that an enlargement of time is appropriate and will allow the parties to explore a potential resolution of this matter while conserving judicial resources,” said the commission.
You know, I always thought “conserving judicial resources” meant, like, not having a full-blown legal battle. But maybe, just maybe, this is all about preserving the SEC’s precious brain cells, which are clearly at risk of melting from the sheer intensity of their own crypto-induced confusion. 🧠🤯
The SEC filed an enforcement action against Cumberland in October 2024, alleging the firm sold roughly $2 billion in crypto while operating as an unregistered dealer. In a Feb. 11 order, Judge Matthew Kennelly granted the SEC’s motion for a 30-day delay but said the commission “should not expect a further extension.” You know, because sometimes, even judges get tired of the SEC’s endless string of excuses. 😩
Is the SEC’s Crypto Policy a Game of Telephone?
It’s unclear whether the SEC will use the same delay tactic in all its crypto enforcement cases, including those against Coinbase, Kraken and Ripple Labs. The commission’s civil case against Coinbase has been stayed pending a decision in the appellate court, while Ripple and the SEC have both appealed a $125-million judgment imposed by a judge in August 2024. This is basically a legal version of “telephone,” where the message gets progressively more distorted as it travels through the judicial system. ☎️
“It’s clear that the SEC is going to completely shift its enforcement activities as to crypto, and it makes sense that they would pause ongoing major actions like Binance while they await guidance from the SEC’s crypto task force,” Mark Bini, a former Assistant US Attorney for the Eastern District of New York, told CryptoMoon. “If the SEC now views most crypto as not being a security, those actions may be terminated entirely.”
This is like watching a group of people trying to fit a square peg into a round hole, while simultaneously trying to convince everyone that the round hole is actually square. And it’s the SEC’s job to explain it all? 😵💫
The regulator’s public statements concerning digital assets under the leadership of Acting Chair Mark Uyeda could also affect criminal cases involving allegations of violations of securities laws. But, honestly, at this point, I’m pretty sure the SEC’s crypto policy could be summarized as “we’ll let you know when we figure it out.” 🤷♀️
On Feb. 5, former SafeMoon CEO Braden John Karony asked a federal judge to push jury selection for his upcoming criminal trial by 30 days, citing “significant changes” in the SEC’s proposed crypto policies. Karony’s legal team included a statement from SEC Commissioner Hester Peirce suggesting the regulator would consider “retroactive relief” for some crypto cases. So, basically, the SEC is saying, “Hey, we messed up, so we’re going to pretend like we didn’t mess up.” And it’s working! 👏👏👏
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2025-02-11 19:38