OMG, Steemit is a PRIVATELY HELD COMPANY, those running the company are directly responsible for following regulations. It wasn't a judge but someone on a regulatory committee who approved a crypto currency to trade on the open market, to bring it under regulatory controls, because so many claims for losses were being filed, in order to address those losses there had to be recognition of it to have value, once value is confirmed people can file against people who start their own crypto currencies founded companies. So, and just for example, say someone sues Steemit because they lost thousands of dollars for being flagged like this guy claimed for no real good reason, and because Steemit owners allow this to happen that person can directly file suit against the owners of Steemit because they are the one's in control of how it is structured, the way they structured the program led to the losses. Flagging is meant for a purpose not for a revenge tool, if Steemit continues to let it be abused for ways other then it was intended they could potentially be held liable if Steem were also added to the open market.
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