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Bitcoin (BITCOIN)
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binancecoin
BNB (BINANCECOIN)
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solana
Solana (SOLANA)
$144.53 2.24%
ripple
XRP (RIPPLE)
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pepe
Pepe (PEPE)
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Bonk (BONK)
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bitcoin
Bitcoin (BITCOIN)
$107,442 0.07%
ethereum
Ethereum (ETHEREUM)
$2,426 -0.94%
binancecoin
BNB (BINANCECOIN)
$646.52 -0.02%
solana
Solana (SOLANA)
$144.53 2.24%
ripple
XRP (RIPPLE)
$2.19 4.79%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000011 0.89%
pepe
Pepe (PEPE)
$0.000009 0.09%
bonk
Bonk (BONK)
$0.000014 1.36%
bitcoin
Bitcoin (BITCOIN)
$107,442 0.07%
ethereum
Ethereum (ETHEREUM)
$2,426 -0.94%
binancecoin
BNB (BINANCECOIN)
$646.52 -0.02%
solana
Solana (SOLANA)
$144.53 2.24%
ripple
XRP (RIPPLE)
$2.19 4.79%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000011 0.89%
pepe
Pepe (PEPE)
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bonk
Bonk (BONK)
$0.000014 1.36%
bitcoin
Bitcoin (BITCOIN)
$107,442 0.07%
ethereum
Ethereum (ETHEREUM)
$2,426 -0.94%
binancecoin
BNB (BINANCECOIN)
$646.52 -0.02%
solana
Solana (SOLANA)
$144.53 2.24%
ripple
XRP (RIPPLE)
$2.19 4.79%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000011 0.89%
pepe
Pepe (PEPE)
$0.000009 0.09%
bonk
Bonk (BONK)
$0.000014 1.36%
bitcoin
Bitcoin (BITCOIN)
$107,442 0.07%
ethereum
Ethereum (ETHEREUM)
$2,426 -0.94%
binancecoin
BNB (BINANCECOIN)
$646.52 -0.02%
solana
Solana (SOLANA)
$144.53 2.24%
ripple
XRP (RIPPLE)
$2.19 4.79%
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$0.000011 0.89%
pepe
Pepe (PEPE)
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bonk
Bonk (BONK)
$0.000014 1.36%
bitcoin
Bitcoin (BITCOIN)
$107,442 0.07%
ethereum
Ethereum (ETHEREUM)
$2,426 -0.94%
binancecoin
BNB (BINANCECOIN)
$646.52 -0.02%
solana
Solana (SOLANA)
$144.53 2.24%
ripple
XRP (RIPPLE)
$2.19 4.79%
shiba-inu
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pepe
Pepe (PEPE)
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bonk
Bonk (BONK)
$0.000014 1.36%
bitcoin
Bitcoin (BITCOIN)
$107,442 0.07%
ethereum
Ethereum (ETHEREUM)
$2,426 -0.94%
binancecoin
BNB (BINANCECOIN)
$646.52 -0.02%
solana
Solana (SOLANA)
$144.53 2.24%
ripple
XRP (RIPPLE)
$2.19 4.79%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000011 0.89%
pepe
Pepe (PEPE)
$0.000009 0.09%
bonk
Bonk (BONK)
$0.000014 1.36%
bitcoin
Bitcoin (BITCOIN)
$107,442 0.07%
ethereum
Ethereum (ETHEREUM)
$2,426 -0.94%
binancecoin
BNB (BINANCECOIN)
$646.52 -0.02%
solana
Solana (SOLANA)
$144.53 2.24%
ripple
XRP (RIPPLE)
$2.19 4.79%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000011 0.89%
pepe
Pepe (PEPE)
$0.000009 0.09%
bonk
Bonk (BONK)
$0.000014 1.36%
bitcoin
Bitcoin (BITCOIN)
$107,442 0.07%
ethereum
Ethereum (ETHEREUM)
$2,426 -0.94%
binancecoin
BNB (BINANCECOIN)
$646.52 -0.02%
solana
Solana (SOLANA)
$144.53 2.24%
ripple
XRP (RIPPLE)
$2.19 4.79%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000011 0.89%
pepe
Pepe (PEPE)
$0.000009 0.09%
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Bonk (BONK)
$0.000014 1.36%
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ASA Files Lawsuit Against SEC for Lack of Transparency

The American Securities Association (ASA) has initiated a lawsuit against the Securities and Exchange Commission (SEC), accusing the regulatory body of failing to adhere to the Freedom of Information Act (FOIA). The lawsuit, filed on June 6, demands that the SEC disclose documents related to past regulatory actions, particularly those involving sanctions imposed by the Commission. The ASA argues that such transparency is mandated by federal law, which enables the public to examine and understand government policies and actions.

ASA Challenges SEC’s Transparency and Penalty Practices

In their filing, the ASA emphasized the importance of a transparent democratic system where the government must also uphold the principle of transparency. They argue that the SEC’s methods could have been clearer, leaving stakeholders without a clear explanation for certain regulatory fines.

The dispute’s origins trace back to a 2021 investigation by the SEC into whether broker-dealers were retaining communications on personal devices. This inquiry resulted in the SEC receiving numerous documents despite no initial evidence suggesting rule violations. Subsequently, the SEC levied hefty fines totaling billions of dollars. The ASA has questioned the methods used for calculating these penalties and the criteria for selecting entities to penalize.

According to the ASA, the penalties were used to produce impressive year-end statistics rather than to enhance market integrity or genuinely protect investors. Past comments from SEC Commissioners suggest that this allegation points to the Commission’s potential misuse of the penalty system.

SEC’s Defense and ASA’s Counter

In response to the ASA’s demand for information, the SEC invoked Exception 7(a) under the FOIA, which allows the withholding of documents that might significantly interfere with ongoing enforcement proceedings. However, the ASA argues this exception does not apply as their request pertains to documents from settled cases.

The ASA has criticized the SEC’s reliance on general statements to justify non-compliance with the FOIA requests. They claim the SEC has not met its burden of proof to justify withholding the information, citing only vague and formulaic reasons for their refusal.

Case Outcome May Shape Future Regulatory Practice

On May 28, the U.S. District Court for the District of Utah, led by Judge Robert J. Shelby, dismissed the SEC’s lawsuit against Debt Box. The dismissal ends the case, with any further SEC action requiring Judge Shelby’s approval. The court also imposed a penalty of over $1.75 million on the SEC for its misleading conduct during the case, covering Debt Crates, attorney fees, and other incurred costs, marking a significant rebuke of the SEC’s handling of the matter.

This legal battle highlights a growing tension between regulatory bodies and the entities they oversee, revolving around the need for transparency and accountability in government actions. As the lawsuit progresses, it could influence future practices for public information disclosure and the justification of actions by regulatory agencies.

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