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One half seems to be “how” they issued the subpoena but a chunk seems to challenge the SEC’s ability to do so at all. SEC will have to produce some reasoning as opposed to keeping it opaque and strong arming
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It’s a play to tie the SEC up in legal binds till they give up and settle no contest. It’s a smart move to expedite that outcome not only will they challenge the subpoena they now have their own lawsuit to defend against. It’s a war of attrition and I think the SEC will lose.
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