Despite the surface appearance of a significant settlement amount of $24 million, the totality of the SEC’s settlement with Block.one has confused crypto issuers, it has confused the crypto markets, and it has confused crypto lawyers and other crypto gatekeepers. It is important for the SEC and its staff (the “Staff”) to explain, promptly, publicly and comprehensively, why the SEC took such a different and lenient approach in the Block.one Settlement Order, and what this suggests for the SEC’s future approach to regulation of the crypto industry. This article discusses a number of questions and considerations arising from the Block.one Settlement Order that the SEC should address.
‘Enforcement 40’ for 2020
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