Crypto Analyst Claims SEC Has Sent Letter And Will Respond Soon

Yesterday, Ben Armstrong aka Bitboy Crypto tweeted that he had received a letter from the US Securities and Exchange Commission (SEC). Bitboy further explains that he will respond to the letter once a lawyer takes a look into it.

In the tweet, Bitboy also pinpoints that Sam Bankman-Fried aka SBF had also met with the SEC chair, Gary Gensler.

Furthermore, there are users who believe that the letter sent to Bitboy is one of the attacks conducted by the SEC. John E. Deaton, the founder of Crypto-Law.us, has also shared his thoughts on SEC’s actions.

Complaining about SEC’s actions, Deaton has claimed many predicted that SEC was after the crypto community. Deaton further explains that SEC staff has doubled its size and applied regulation through enforcement

Some of the examples shared by Deaton of SEC attacking the crypto included “non-fraud cases” such as the cases on Ripple, LBRY, Dragonchain, and BlockFi.

Six months ago, Deaton had mentioned on Fox Business that Gensler would sue a major exchange for selling unregistered securities. Deaton believes that these actions of the SEC could lead to a further 50% crash for cryptos, thus enabling “incumbents” to take a larger share.

When it comes to Ripple vs SEC, there are reports that Ripple’s case against the SEC would end sooner, as XRP had filed its redacted reply to the SEC’s opposition in the motion for summary judgment.

Even though Armstrong’s tweet was based on the SEC’s letter sent to Bitboy, many Twitter users have implied that Bitboy continuously leads the public in the wrong direction through fake promotions.

Concurrently, a Twitter user shared the video of Bitboy promoting a project called PAMP network claiming it to be the next best thing, but currently, the price has fallen.