Mike Selig, counsel at Willkie Farr, has plenty to talk about this week, with a slew of actions from Gary Gensler’s SEC putting the future of crypto in the U.S. in question. From Kraken’s custodial staking settlement to action against BUSD issuer Paxos, the former CFTC law clerk voices concern that coordination among regulators could choke off the industry’s growth. Hear how Selig thinks Gensler’s SEC is working to bring crypto markets “within the regulatory perimeter.”

Show highlights:

• whether regulators are using the FTX case to go against crypto as a whole
• what likely caused the NYDFS action against Paxos for BUSD
• whether there’s a coordinated effort to undermine the crypto markets
• how issuers could argue that stablecoins aren’t securities
• why there are limited implications for staking as a whole after Kraken’s SEC settlement
• how the regulators are “discouraging access and participation in crypto markets at the banking level”
• the differences between Gary Gensler’s SEC and that of his predecessor, Jay Clayton
• how the Gensler administration is skeptical of governance and DAOs
• why the SEC’s crypto custody rule proposal is refreshing, albeit not perfect

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Guest

Mike Selig, counsel at Willkie Farr

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Links

• Unchained: 
• Circle Told NYDFS That Paxos-Issued BUSD Wasn’t Fully Backed
• SEC Wants Tougher Rules for Crypto Custody
• CoinDesk: SEC Proposal Could Bar Investment Advisers From Keeping Assets at Crypto Firms
• WSJ: Crypto Firm Paxos Faces SEC Lawsuit Over Binance USD Token
• Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin - WSJ
• The Block: SEC action against Paxos paints regulatory target on stablecoins
• Tom Wan on the ramifications of Paxos being ordered to stop issuing BUSD 
• Bloomberg: US Crackdown Seeks to Push Crypto Back to the Fringes of Finance

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