A general theme of financial regulation is that regulators write rules, and then creative financial-industry lawyers find ways around them. The industry lawyers tend to have advantages over the regulators: They are better paid, for one thing, but also the regulators have to write general public rules that account for all cases and then the industry lawyers get to poke holes in them at their leisure….
And that is the stereotype: The industry is ruthless and creative about exploiting the rules, and the regulators are constantly playing catch-up.
I just want to say that in crypto right now the SEC is being ruthless and creative about exploiting legal provisions to expand its powers, and the industry seems to be playing catch-up. Just an unusual situation!
‘Enforcement 40’ for 2020
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