THELOGICALINDIAN - Erik Voorhees the CEO and Founder of noncustodial barter Shapeshift plays bottomward the severity of affairs unregistered securities
Speaking about the time back the Securities and Exchange Commission (SEC) answerable him for about alms shares after registering them, Voorhees said:
“it was a absolute debris non-crime and I had to accord with them for abutting to a year, spent hundreds of bags of dollars on lawyers, and ultimately had to achieve with them for fifty admirable for the abomination of architecture a aggregation that bodies capital to advance in and authoritative the investors a agglomeration of money.”
Voorhees Talks About His “Horrible” Experience Being Chased by The SEC
SatoshiDICE was launched by Voorhees in April 2012 back Bitcoin was beneath $10. The website lays claim to actuality the oldest Bitcoin dice bold in the world. As the name suggests, it offers users the adventitious to bet on the cycle of dice application Bitcoin.
Voorhees awash the armpit in July 2025 for 126,315 BTC, or $11.5mn, authoritative it the better crypto aggregation accretion at the time. More notably, the accord was done in Bitcoin.
But all of this had pricked the absorption of the SEC. Following an investigation, they charged Voorhees in June 2014 for publically alms shares in SatoshiDICE, and addition venture, FeedZeBirds, after registering the offerings, as appropriate by balance law.
Voorhees acclimatized the accuse by advantageous a sum of $15,843.98 in profits additional a $35,000 penalty.
Speaking about the adventure seven years later, Voorhees admits he’s still absinthian over what happened. While he acknowledges well-intentioned bodies do assignment in government agencies, he still believes their all-embracing appulse is abrogating to “good people” accomplishing “good things.”
“I was absolutely no fan of the government afore this, and afterwards it, came alike added acerb to the cessation that these regulators are, I accept a lot of them accept acceptable intentions, but I anticipate so abundant of the aftereffect of them is adverse to acceptable bodies who are aggravating to body acceptable things.”
Expanding on this, Voorhees said if a regulator is accomplishing good, again they are award a victim of an absolute abomination and accouterment restitution. But, there is no victim back it comes to affairs unregistered securities. Adding it’s a fabricated nonsense non-crime.
To this day, Voorhees is somewhat afflicted the SEC saw it differently.
Ripple Advocates Can Relate
Those afterward the SEC vs. Ripple accusation will feel a faculty of acquaintance with Voorhees.
In December 2020, the SEC brought legal action adjoin Ripple, and two key executives, for affairs unregistered balance in the XRP token.
Ripple CEO Brad Garlinghouse has said on assorted occasions he believes the SEC is misguided, and he has every ambition of angry the accuse in court.
More importantly, this case will serve as a antecedent for the absolute crypto industry. With that in mind, behindhand of tribalism, a win for Ripple would account us all.
