Also in March, the SEC sued crypto entrepreneur Justin Sun for allegedly manipulating the market—and accused celebrities, including Lindsay Lohan and Jake Paul, of promoting Sun’s tokens without disclosing they were paid to do so. The implicit message from regulators: They’re out to tame almost every corner of the crypto market, whether Americans are trading on US exchanges or offshore ones, or on platforms run by traditional companies or on apps supposedly run by code. Tron founder Justin Sun.Bloomberg
“It’s a regulatory onslaught and crackdown of epic proportions, and it’s only going to get bigger,” says John Reed Stark, a consultant who was founder and chief of the SEC’s Office of Internet Enforcement. “They didn’t hit the biggest players early on, they instead focused on the low-hanging fruit. They are beginning to focus more on the major players—that’s a major shift. These companies are running out of runway.”
Source: Binance, Coinbase ($COIN) Scrutiny Signify Crypto Crackdown – Bloomberg
