The Securities and Exchange Commission says a court should deny a motion to stamp out an investigative subpoena to probe whether a ‘Let’s go Brandon’ memecoin is a security.
In court documents filed Thursday, the SEC asked a court to deny a motion to quash a subpoena around its investigation into whether a conservative memecoin is a security.Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
“Koutoulas’s only legal argument – that the Commission lacks jurisdiction because LGBcoin ‘is not a security’ – is so premature as to be irrelevant to the Commission’s authority – at this early stage – to investigateIf the investigation were to lead to charges against Koutoulas or LGBcoin, then he could make his argument, the agency said.
last year for his part in promoting the token, and was ordered to pay fines and donate proceeds to charity. “If the Commission has its way in this case, it can give LGBcoins a death sentence merely by classifying it as an unregistered security,” Koutoulas said in the lawsuit.
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