Among other attributes, Nouriel Roubini is a Turkish-born Iranian-American economist.

Roubini Global Economics is now Continuum Economics.

SEC Sued By Crypto-Focused Law Firm, Nouriel Roubini Tweets Sarcastic Comment

Thu, 11/24/2022 - 11:41

> "Economist Nouriel Roubini, also known as "Dr. Doom" for his accurate prediction of the mortgage market crisis of 2008-2009, who is also a vocal hater of crypto, has taken to Twitter to extend his disgust at the cryptocurrency space.

He has shared a link to an article on LinkedIn about crypto-focused firm Hodl Law PLLC that has sued the U.S. Securities and Exchange Commission, saying that this is based on "totally bogus arguments." Among them, according to Roubini, is an accusation against the SEC about the recent collapse of FTX. . .

Yuri Molchan

Prominent crypto hater slammed crypto firm that filed legal suit against SEC for harming crypto industry

Contents

"Crypto crooks now blame SEC"
Roubini and Calvin Ayre tweet sarcastic comments

Economist Nouriel Roubini, also known as "Dr. Doom" for his accurate prediction of the mortgage market crisis of 2008-2009, who is also a vocal hater of crypto, has taken to Twitter to extend his disgust at the cryptocurrency space.

As a reminder, the SEC has been involved in a lawsuit against Ripple Labs and XRP, claiming the latter to be an unregistered security and suing Ripple's top executives for selling it to investors.

"Crypto crooks now blame SEC"

In his scornful comment, Roubini referred to a LinkedIn post by John Reed Stark, president of John Reed Stark Consulting and former chief of the SEC Office of Internet Enforcement.

Stark, as a lawyer and former high-ranking SEC executive, has slammed the legal complaint against the securities regulator, calling it "perhaps one of the most ridiculous legal documents" he has ever read that were related to the crypto space.

Basically, the crypto law firm accuses the SEC of three things: lack of regulatory clarity provided to the crypto space, violating the rights of legally approved crypto-financiers and "failing to provide 'fair notice' of its anti-crypto posture." Besides, the SEC exceeds its authority by practicing "regulation by enforcement" and stifling innovation in the sphere of digital currencies and blockchain.

The complaint, in particular, states that the SEC has no jurisdiction over digital assets from the U.S. Congress and that the SEC's entire strategy has been "to be deliberately 'confusing' in order to maintain maximum flexibility to prosecute at will (and without fair notice)." The complaint also looks into the SEC's attempt to classify the digital assets of companies attacked by it as securities, while it long ago labeled Ethereum's ETH as a nonsecurity.

Defendant has refused to provide public guidance on its subjective belief regarding the classification status of the Ethereum Network and Ether DCU despite thousands of requests from the American public.

Roubini and Calvin Ayre tweet sarcastic comments

Nouriel Roubini, a well-known critic of cryptocurrencies, stated in his tweet that the plaintiff is blaming the "FTX debacle and coming crypto extinction" on the securities regulator.

John Reed Stark on LinkedIn: Crypto-focused law firm Hodl Law PLLC has sued the U.S. Securities ..
based on totally bogus arguments. Crypto crooks now blame SEC for FTX debacle and coming crypto extinction. What a pile of crypto manure pseudo-arguments! https://t.co/bFRJik8NJ7
— Nouriel Roubini (@Nouriel) November 24, 2022

For him, the arguments mentioned in the complaint are "pseudo-arguments." Billionaire and supporter of Bitcoin SV chain (as well as of self-proclaimed Satoshi Nakamoto Craig Wright) Calvin Ayre tweeted to agree with Roubini. He wrote that this legal suit is likely to harm the entire crypto space as it "underlines how moronic most everything in crypto is." Besides, he called the name of Hodl Law PLLC a "ponzi trick to retail consumers in crypto."

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Turkish-American economist Nouriel Roubini talked about the seven C's of the crypto realm. According to Roubini, the seven C's stand for: concealed, corrupt, crooks, criminals, con-men, carnival barkers, CZ.

Speaking at the Abu Dhabi Finance Week, Roubini questioned why Binance was allowed to operate in the United Arab Emirates.. He also mentioned that the implosion and eventual collapse of FTX has shown the world that crypto needs to aware of the bad actors. He included CZ in the category of 'bad actors'.

"Unfortunately this is an ecosystem that is totally corrupt. Unfortunately it is and I think the lesson of the last few weeks is that these people should be out of here," said Nouriel Robini.

Roubini compared the Binance CEO to a "walking time bomb". Kevin O'Leary was also on the radar of Roubini. "Kevin O' Leary is a paid hack of FTX," added Roubini. O'Leary was an early investor of FTX.

CZ has recently responded back to the comments of Roubini. "We don't care. There are people who try to become famous by attacking other people. People with negative energy in their life generally don't go far in life," responded CZ at the Milken Institute Middle East and Africa Summit.

Binance CEO did not hold back as he went on to say it was very impolite of Roubini to say that CZ shouldn't be here. "When you are a guest of the country, you do not decide who the country should kick out or not kick out. He should not attack industry players with pure false information," added CZ.

He mentioned Binance has 15 licenses all over the world, being the most licenses crypto exchange in the world. He also stated that Binance has 44 state licenses in the US.

"ADGM is one of the most solid regulators in the world. ADGM established crypto regulation very early. I think 2018 or 2019. All these things are contrary to completely irrational attacks that he is making. We do not think it is important," added CZ.