The crypto-spin goes like this: The crypto-enforcement efforts of the U.S. Securities and Exchange Commission (SEC) will crush innovation via regulation-by-enforcement. Rather than create regulations that provide specificity and clarity to crypto-firms, the SEC instead unlawfully uses enforcement actions to develop the law on a case-by-case basis, molding securities regulation into whatever best suits the SEC staff at the time.
“Big Crypto,” the now popular epithet for the extraordinarily well-funded and well-organized group of cryptocurrency lobbyists, “educational groups,” and other crypto, DeFi, NFT, and Web3 supporting organizations, have been carping about RBE ad nauseam. But that does not make them right.
In fact, the repetitive chorus of RBE is not only a misguided, deflective effort designed to tap into sympathetic libertarian and anti-regulatory mores – it’s also utter nonsense.
‘Enforcement 40’ for 2020
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