Bankless SotN#17: RETREATING! w/ Jake Chervinsky (BitMEX REKT, SEC Action, is DeFi safe?)
Oct 7, 2020
Jake Chervinsky, General Counsel at Compound Labs, dives deep into the complex world of crypto regulations. He discusses the recent enforcement actions from the SEC affecting platforms like SALT Lending and BitMEX, and debates whether DeFi can remain safe from regulatory scrutiny. Chervinsky emphasizes the challenges the crypto community faces as traditional regulations collide with innovative financial technologies, and raises critical questions about compliance and the future of decentralized finance. Join this insightful conversation that blends law with the evolving crypto landscape.
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Regulatory Crackdown
- The UK and US initiated legal actions against several crypto entities.
- These include BitMEX, Salt Lending, Kik, and John McAfee.
SALT Lending Case
- Salt Lending's ICO was deemed an unregistered securities offering by the SEC.
- They must pay penalties, refund investors, and register the token as a security.
Kik Case
- Kik's Kin token was also deemed a security by the SEC after a court battle.
- Unlike Salt Lending, Kik fought the SEC's decision and lost.