- 1 Ash Crypto claims that the SEC filed a lawsuit against Bitcoin.
- 2 The agency wants the infamous Satoshi Nakamoto to testify in court personally.
After making the world’s biggest crypto exchange and Coinbase stand in the courtroom with back-to-back lawsuits, the U.S. Securities and Exchange Commission (SEC) sued Bitcoin and wants Satoshi Nakamoto to appear in court, claims crypto trader Ash Crypto. However, the reason behind the suit is not clear.
🚨 BREAKING 🚨— Ash Crypto (@Ashcryptoreal) June 10, 2023
SEC JUST FILED A LAWSUIT AGAINST BITCOIN AND SERVED NOTICE TO SATOSHI NAKAMOTI TO APPEAR IN COURT – SAUCES
Satoshi Nakamoto to Face SEC in Court
The financial watchdog previously believed that every cryptocurrency other than Bitcoin is securities. But it looks like they have changed their mind after suing Coinbase and another major crypto exchange on June 5 and 6, 2023. The charges revolved around unregistered securities among other federal violations.
The SEC is currently preparing to file a lawsuit against #Bitcoin— Elum Julius (@JuliusElum) June 10, 2023
The problem they're faced with is that they don't know who to charge against the lawsuit.
Who is the creator of #bitcoin again and where can SEC find him?
Mad people everywhere in US & Nigeria pic.twitter.com/u1vdGpn1m3
The belief instilled by the agency made thousands of people stick with and keep investing in the world’s biggest cryptocurrency by market cap and dominance. Investors were confident even after regulatory actions swelled by 183% in the last six months. However, the world’s first cryptocurrency is yet to be deemed a security.
The current SEC Chair, Gary Gensler, and former chairman Jay Clayton argued on multiple occasions that they do not believe that BTC is a security.
The founder of Bitcoin is a pseudonymous individual or organization with the name of Satoshi Nakamoto. Its White paper was published in 2008 when the founder emailed it to many in the crypto community. However, even if the name is synonymous with BTC, there has yet to be anyone to come out as the creator and with reasonable proof.
The details regarding the lawsuit are yet to be revealed. Notably, the agency would have needed clarification regarding whom to address the case to.
On January 3, 2009, the Bitcoin network was believed to be founded by Satoshi Nakamoto; he mined the first block on the distributed network. The man or organization or any other has become a legend in the crypto industry. Speculations are that Nakamoto holds many BTC; if and when the character comes out of hiding, Bitcoins shall flood the market, affecting the price.
The SEC is the financial watchdog authorized to police financial instruments that are classified as securities. Before the black swan event of the crypto industry (FTX-saga), there were limited regulatory actions on the crypto entities. After FTX shook the sector on November 11, 2022; a significant increase in regulatory actions was recorded.
Recent lawsuits against the biggest crypto exchange and Coinbase have rocked the industry. The overall price movement is dropping, and the industry faces uncertainty. If Bitcoin is pulled in the line before the squad, the problem will intensify.
Even though the lawsuit is yet to be confirmed — if it is true, Satoshi is called to testify. The authorities would need help locating the mysterious personality. Also, his reveal would bring another bunch of issues for the industry.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.