Atkins warns that contorting interpretations to avoid securities laws will lead to painful consequences.
“If you do headstands, backflips, and other gymnastics to read the law so that it does not apply to crypto assets and activities that are well within the scope of the federal securities laws, you will have a painful fall.”
Atkins accuses the SEC of undermining capital formation through regulation by enforcement and disingenuous registration offers.
“In fact, in the past, it actively undermined capital formation with regard to this asset class in the form of regulation by enforcement and disingenuous offers to “come in and register.””