Bankless

The SEC Declares War on Crypto with Ryan & David

Feb 15, 2023

Mike Selig, a crypto lawyer and former CFTC regulator, breaks down the current state of crypto regulation. He discusses the SEC's aggressive actions, including the crackdown on staking services like Kraken and the scrutiny of stablecoins such as BUSD. Selig highlights the tension between regulation and innovation, emphasizing the urgency for decentralization. He also examines the impact of these policies on the future of cryptocurrency and the banking industry’s evolving role in servicing crypto businesses.

01:12:06

Creator website

Episode guests

Mike Selig

Highlights

AI Chapters

Episode notes

Kraken's SEC Battle

01:13

Is Gensler Driving Cryptocurrency Offshore?

05:06

The State of Stable Coins and Their Regulation

01:25

Intro

2min

Navigating Web3: Metamask Learn and Crypto Regulation

5min

Navigating the SEC's Staking Settlement

12min

Navigating SEC Staking Regulations

22min

Regulatory Ripple: The BUSD Dilemma

6min

Navigating Stablecoin Regulation and Crypto Banking Challenges

4min

Regulatory Shifts in Crypto: Challenges and Perspectives

19min

In today's episode, Ryan and David bring on Mike Selig to chat about everything need to know about crypto regulation. Mike is a crypto lawyer at Willkie Farr & Gallagher, former a regulator at the CFTC, and a frequent contributor to Coindesk about the state of crypto regulation.

Operation Chokepoint is in full effect. Tune in to understand everything you need to know.

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------ Timestamps:

0:00 Intro 6:18 2023 Regulation Playbook 7:15 SEC Charging Kraken 11:27 SEC Rolling Out Regulation 14:09 SEC Patronizing Approach 15:44 Wells Notice 19:45 Kaken Staking Crackdown 28:00 Driving Crypto Offshore 30:05 Staking Pools Next? 35:05 SEC Scoring Points 40:50 Paxos & BUSD 44:40 Circle 50:55 Banks Servicing the Crypto Industry 57:55 Net Effects 59:27 U.S. Crypto Regulation History 1:02:49 Why the U.S. Hates Crypto 1:06:26 Banks vs. Crypto 1:08:14 Will Crypto Survive? 1:10:25 Closing & Disclaimers

------ Resources:

Regulation vs. Decentralization https://www.coindesk.com/consensus-magazine/2022/12/23/2023-the-year-of-regulation-vs-decentralization/

Gensler Statement https://twitter.com/SquawkCNBC/status/1624041483241156608

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

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