Reaction is growing against the SEC, which has so far approved futures ETFs but not spot Bitcoin ETFs and has kept updated applications pending.
At this point, the last message came from Elon Musk and Mark Cuban, two of the important names of the cryptocurrency market.
According to Bloomberg, although Musk and Cuban's reaction was not related to spot Bitcoin ETFs, the two famous names submitted a joint petition to the court criticizing the SEC's investigation style.
Lawyers for Musk and Cuban, who filed an amicus brief against the SEC, challenged the SEC's in-house jurisdiction and practice.
At this point, Musk and Cuban lawyers stated that those facing an SEC complaint and lawsuit should appear before a federal jury instead of one of the SEC's judges, stating that the SEC violated the constitutional rights of the parties.
The lawyers also stated that the SEC has an unfair advantage when filing lawsuits within the company and included the following statements in the petition:
“The SEC sees itself as the only true court and determines the punishment of the party it sues or complains about without an impartial federal jury.
This action by the SEC violates the SEC's constitutional right to appear before a federal jury rather than one of the SEC's judges and is contrary to U.S. statutory plaintiffs' rights.
“At this point, if the Supreme Court were to revoke the SEC’s authority to initiate administrative investigations, that could further help crypto platforms defend themselves against the regulator.”
Elon Musk and Mark Cuban filed their petition against the SEC in favor of George R. Jarkesy.
In the case, known as “SEC v. Jarkesy,” Jarkesy argues that the SEC's conduct of a trial by a commission-appointed administrative law judge without a federal, impartial jury violated his constitutional rights.
*This is not investment advice.