Bittrex said on Monday it was “disappointed” with the U.S. Securities and Exchange Commission’s decision to file several charges related to securities violations against its exchange business, calling the move part of a “larger campaign” by Gary Gensler to force crypto companies out of the U.S. market.

“The impact of the SEC’s regulatory approach to enforcement will have a chilling effect not only on cryptocurrency in the United States, but also on blockchain technology and innovation,” a Bittrex spokesperson said in a statement.

Note: The chilling effect is a legal term that refers to people being afraid of being punished or facing high compensation for their speech, and thus not daring to speak out, just like cicadas being silent in cold weather. (Blockworks)

As previously reported, the U.S. Securities and Exchange Commission accused crypto asset trading platform Bittrex, Inc. and its co-founder and former CEO William Shihara of operating an unregistered national securities exchange, broker and clearing agency. The SEC also accused Bittrex, Inc.'s foreign affiliate Bittrex Global GmbH of failing to register as a national securities exchange when it shared a trading order book with Bittrex.

Since at least 2014, Bittrex has claimed to be a platform that facilitates the buying and selling of crypto assets, and the SEC alleges that these assets on its platform (OMG, DASH, ALGO, TKN, NGC, IHT, etc.) are offered and sold as securities. From 2017 to 2022, Bittrex received at least $1.3 billion in revenue from investors, including U.S. investors, while providing them with services as a broker, exchange, and clearing agency without registering any of these activities with the SEC. #antiscam #BNB