Swan CEO Cory Klippsten continues his Twitter warpath exposing shitcoin-schemes and unregistered securities such as Luna/UST, Celsius, and Ethereum.
The Bitcoin Only Swan Founder has called his shots as all of the shitcoins listed above and more are facing unregistered securities litigation and class action suits following the Luna debacle and scam.
The Shitcoin Security Controversy Proceeds to Court
Investors are requesting that the courts rule if digital tokens are, for legal purposes, more comparable to stocks or gold.
This month, attorneys for the shitcoin exchange Coinbase Global Inc. filed a move to dismiss a class-action complaint alleging that 79 of the tokens offered on the platform are unregistered securities.
The group of Coinbase users is requesting payment for trading fees and market losses, as well as an end to trading of the assets on the site.
The Securities and Exchange Commission has not declared, outside of enforcement actions, which “cryptocurrencies” it believes to be securities.
However, federal statutes enacted in the 1930s empower ordinary investors to assist the SEC by allowing purchasers of unregistered securities to sue the seller for a refund.
“They know that most of what they have on their platforms may well be securities,” the SEC’s Mr. Gary Gensler said on May 18. “They should move towards getting registered, or we’re going to be the cop on the beat and we’re going to bring the enforcement actions.”
“If successful, plaintiffs would have this court effectively freeze the accounts of innocent [Coinbase] users who, by their own choice, transact with one another in these tokens,” Coinbase attorneys wrote in the motion to dismiss the case. “Other digital asset trading platforms would likely be compelled to do the same.”
