But Behnam is a federal regulator installed by the same president that picked Securities and Exchange Commission (SEC) chief Gary Gensler, who is held up by the crypto industry as its governmental antagonist. Gensler’s SEC is often accused of regulating crypto through enforcement actions, and it’s showing signs that it only intends to speed up that process. While Behnam had been seen as the gentler hand who was less openly scornful of the digital-assets movement, his agency has been waging an enforcement battle that belies that reputation.
“If somebody thinks you’re going to get a pass at the CFTC, I think that’s a mistaken belief,” said Gary DeWaal, a former CFTC enforcement lawyer now at Katten Muchin Rosenman. “Any violation is going to be met with enforcement actions by either regulator, and they’re going to be severe.”
‘Enforcement 40’ for 2020
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