The crypto industry is still reeling from last week’s insider trading charges, filed by federal prosecutors in New York and the Securities and Exchange Commission against a former Coinbase employee and his associates. The obvious point first: these charges have got people talking about how prosecutors and regulators alike are wising up and cracking down on alleged financial crimes in crypto. The less obvious but still very important second point is that the SEC’s civil charges also support the Wall Street regulator’s land-grab for jurisdiction over cryptocurrencies. "The regulation by enforcement thing comes up all the time. I think by and large the narrative in the industry is that the SEC is not providing clarity and I think there's a basis to that view," Nick Losurdo, Financial Industry and Digital Currency + Blockchain partner at the law firm Goodwin and former counsel to the SEC, said. Read the Financial Times article here.
In The Press July 29, 2022