SEC Target Bittrex, Fallen U.S Crypto Giant – HedgeUp (HDUP) Steps Up to the Plate, Whilst Cosmos (ATOM) battle against Chainlink (LINK) for 19th Position

The Securities Exchange Commission (SEC) has gone after crypto exchange Bittrex and its co-founder and former CEO William Shihahra. The news comes just a few weeks after the trading platform announced that it would be exiting the US Market at the end of April due to "continued regulatory uncertainty." 

In a complaint filed on Monday, April 17, the SEC alleges that the trading platform was operating an unregistered national securities exchange, broker, and clearing agency. 

Bittrex was once one of the largest crypto exchanges in the US. According to the SEC, the platform earned at least $1.3 billion in revenues between 2017 and 2022 while servicing investors as a broker, exchange, and clearing agency. They, however, didn't register any of these activities with the commission. 

The SEC also accuses Bittrex of coordinating with crypto issuers to remove from public channels statements that they believed would lead a regulator to investigate crypto assets as the offering of securities. 

It references instances where Shihara, the company's CEO between 2014 and 2019, instructed wannabe issuers to remove statements related to "expectation of profit," "price prediction," and other "investment-related terms" in order to avoid regulatory scrutiny. 

"We allege that Bittrex repeatedly chose profits over investor protection," said Gurbir S. Grewal, Director of the SEC's Division of Enforcement. 

"As laid out in our complaint, Bittrex's business model was based on three things: circumventing the registration requirements of the federal securities laws; counselling issuers of crypto asset securities to do the same by altering their offering materials; and combining multiple market intermediary functions under one roof to maximize profits."

According to the complaint, Bittrex should have registered as an exchange, a clearing, and an intermediary but knowingly failed to.

"Today's action, yet again, makes plain that the crypto markets suffer from a lack of regulatory compliance, not a lack of regulatory clarity," said Gary Gensler, SEC chair. 

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HedgeUp (HDUP) Continues Performing

The SEC's charge on Bittrex has raised new regulatory concerns in the crypto market. But this hasn't been enough to deter some whales from investing in HedgeUp (HDUP).

HedgeUp (HDUP) is a state-of-the-art web3 trading platform that allows people to invest in alternative assets like wine, jewellery, whisky, art, gold, and more. This is done through asset-backed NFTs, therefore, you don't have to own the assets immediately. 

The HedgeUp (HDUP) project's token (HDUP) will be used to pay fees, trade assets, and bid at auctions on the trading platform. HedgeUp (HDUP) is currently in presale and is already attracting a good deal of attention from crypto whales. 

Before the HedgeUp (HDUP) price goes up, interested investors can purchase HedgeUp (HDUP) tokens at a discounted rate of $0.013.

Cosmos (ATOM) battle against Chainlink (LINK) for the 19th position

The overall crypto market has been quite encouraging of late. Most of the top cryptocurrencies have experienced price increases in the last seven days, causing their market caps to grow. 

Here, an interesting battle seems to be taking place between Cosmos (ATOM) and Chainlink (LINK). Chainlink (LINK), ATOM, Cosmos' project token is battling against Chainlink's project token for the 19th position after their market caps have seen consistent growth. 

Chainlink (LINK) sits higher with a market cap of $4.49 billion, a $680 million increase from last week. Cosmos (ATOM) currently has a market cap of $3.6 billion.      

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For more information on HedgeUp (HDUP) click the links below:

Telegram Link: https://t.me/HedgeUpChat

Presale Sign Up: https://app.hedgeup.io/sign-up

Official Website: https://hedgeup.io