SEC has no authority over crypto, argues defendants in $18M fraud lawsuit By Cointelegraph

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Two people accused of running a fraudulent $18 million crypto mining scheme by the United States securities regulator are seeking a dismissal of the lawsuit, arguing in court the agency has no authority over cryptocurrency.

On May 19, Wright Thurston and Kristoffer Krohn separately filed motions to dismiss a lawsuit from the Securities and Exchange Commission .

An excerpt from the defendants’ motion to dismiss. Source: PACER