BAM, a prominent cryptocurrency exchange, has filed a response to the U.S. Securities and Exchange Commission’s (SEC) request for documents and information, claiming that the requests are burdensome and costly. According to sources, BAM’s lawyers argue that complying with the SEC’s demands would impose significant expenses on the exchange.
The lawyers further stated that some of the requested documents are either not in BAM’s possession or are not relevant to the SEC’s investigation. This challenges the scope of the information that the SEC is seeking from the exchange.
“The requests made by the SEC are unduly burdensome and would result in significant expense for BAM,” the lawyers emphasized in their response. They added that fulfilling these requests would place an unfair financial burden on the exchange.
While BAM acknowledges the importance of cooperating with regulatory agencies like the SEC, they believe that the current requests exceed what is reasonable and necessary for the investigation. The exchange hopes to negotiate a more reasonable and feasible approach to providing the requested information.
This development comes as the SEC continues to increase its scrutiny of the cryptocurrency industry. The regulatory body has been actively investigating various aspects of the market and has issued subpoenas and information requests to several prominent exchanges.
In their efforts to ensure compliance and address potential misconduct, the SEC’s actions have drawn both support and criticism from different players within the industry. Some argue that increased regulation will lead to a healthier and more transparent market, while others believe it could stifle innovation and hinder the growth of digital currencies.
As the legal battle between BAM and the SEC unfolds, it remains to be seen how the exchange will navigate the challenging landscape of regulatory compliance. The outcome of this case could have significant implications for the wider cryptocurrency industry and its ongoing relationship with regulatory authorities.
Sources:
– Source 1
– Source 2
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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