Bittrex requests the court to revoke its settlement agreement with the SEC and hopes to reclaim the $24 million fine

According to Decrypt, the closed cryptocurrency exchange Bittrex has filed a motion to a federal judge to withdraw its settlement agreement with the U.S. SEC and is requesting the SEC to return the $24 million fine.

Bittrex was accused by the SEC of offering unregistered securities trading during the Biden administration, ultimately reaching a settlement and paying a fine, and then closed due to the "current U.S. regulatory and economic environment" that made it impossible to continue operations. Bittrex's lawyers pointed out in the latest filing that the SEC's stance on cryptocurrency regulation has fundamentally changed since the Trump administration took office, acknowledging that the legal theory that most tokens are considered securities was incorrect, that the enforcement strategy has been flawed from the beginning, and that almost all lawsuits and investigations against cryptocurrency companies have been withdrawn.

Bittrex is asking the judge to order the return of the funds before the SEC transfers the money to the Treasury for compensation. In March of this year, the SEC initiated the process to transfer the fine to the Treasury.