Thread by @seojoonkim

0/ TFL & @stablekwon is suing the SEC for violations of the Fourteenth Amendment, SEC's Rules, and the Administrative Procedure Act of 1954.

1/ At @hashed_official, we respect the rule of law and compliance when it is fair, predictable, and consistent. But despite our industry effort to engage with the regulators for so long, if they themselves do not follow their own rules, where should we place our faith?

2/ As one of the most loyal supports of the @terra_money ecosystem, I personally empathize with Do since this decision could not have been an easy one to take on the SEC face-to-face.

3/ But there are clear values to be gained if this could force all of us to reevaluate some of the legislations and regulations that are quickly becoming obsolete.

4/ To this end, instead of settling, it may be time to re-strategize our overall approach. To borrow the words of #cryptomom:

5/ "When a party settles an SEC enforcement action, it often is trying to get the case wrapped up so it can move on. It has no incentive to force the SEC, as a condition of the settlement, to lay out a clear legal analysis."

6/ "[...] if the SEC cannot easily articulate an unassailable legal theory for why particular assets are securities, is the line as clear as the SEC maintains it is?"

7/ In addition to whether a particular token is a security or not, there are many more questions being raised by more and more decentralized projects, so I believe we are at an important crossroad: to fear or to face.

n/ I, therefore, commend Do for starting what could be a seminal precedent for the industry, and I hope to lend my support in his brave decision to face the SEC.