The Breakdown The SEC Backs Off Another Crypto Enforcement Action
Jul 16, 2024
The podcast discusses the SEC dropping its investigation into the Stacks ecosystem after three years. It highlights the absurd cost of the SEC's enforcement strategy. The episode also explores legal battles involving crypto developers and evolving regulatory attitudes at the Permissionless conference.
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SEC Drops Stacks Investigation
- The SEC dropped its three-year investigation into Stacks, a Bitcoin Layer 2.
- Stacks had attempted to comply with securities regulations, raising $70 million in token sales.
Compliance Challenges
- Stacks' compliance efforts, including filing appropriate paperwork, still led to a three-year investigation.
- This case highlights the challenges of regulatory compliance in the crypto space.
Tornado Cash Case
- The criminal case against Tornado Cash developer Roman Semenov hinges on his alleged complicity in money laundering.
- The defense argues Semenov had no control over the protocol after May 2020 and didn't willingly provide service to North Korea.