The DeFi Education Fund (DEF) has submitted a Freedom of Information Act (FOIA) request to the U.S. Securities and Exchange Commission (SEC), seeking access to crucial documents related to the SEC’s take on the Kirschner v.JPMorgan case.
The DeFi Education Fund (DEF) is an organization that aims to support educational initiatives and promote awareness about decentralized Finance (DeFi).
The Second Circuit in the United States Court of Appeals requested the SEC to provide its perspective on the case of Kirschner v. JPMorgan Chase Bank, N.A., considering whether certain syndicated loans are securities.
The National Law Review noted that if the appeals court rules that this case has been described by players in the syndicated loan market as everything from “a potential game changer” to an “existential threat” to the syndicated loan market.
Amanda Tuminelli, chief legal officer at the DEF, expressed concern about the SEC’s decision considering their willingness to classify crypto tokens as securities.
Tuminelli believes that the SEC does not want to risk challenging long-standing precedents, disrupt a multi-trillion-dollar market, or open the door for different analyses of cryptocurrencies.
As most of the loans have not been treated as securities, if SEC declared those loans as securities, that might create a conflict with the court’s views.
Tuminelli concluded, “ Maybe we get something that evidences what the crypto industry has said for years, the SEC is avoiding taking a concrete public position on ‘securities’ analysis so they can continue to regulate by enforcement.”
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