Unchained Gary Gensler vs. Crypto: What Will the SEC Attack Next? - Ep. 485
Apr 25, 2023
In this insightful discussion, Josh Klayman, head of digital assets at Linklaters, and Marc Boiron, chief legal officer at Polygon Labs, analyze the SEC’s aggressive stance towards cryptocurrency. They dive into Gary Gensler's congressional testimony and debate whether recent actions stemmed from the FTX collapse. The duo discusses the potential existential threat posed by the SEC's proposed exchange definition changes to DeFi, the complexities of regulatory compliance for platforms like Coinbase, and the nuances of Ether's security classification in the current legal landscape.
AI Snips
Chapters
Transcript
Episode notes
Gensler's Three-Pronged Approach
- Gary Gensler's crypto approach involved a three-pronged attack targeting stablecoins, exchanges, and lending.
- This was predictable based on his prior statements about most digital assets being securities.
FTX's Impact
- The SEC's recent actions against crypto likely weren't caused by FTX.
- FTX may have emboldened the SEC to enforce pre-existing plans.
Coinbase and Retail Investors
- The SEC's actions against Coinbase seem inappropriate, especially regarding retail investors.
- Public companies assume underlying businesses operate compliantly, making the SEC's later actions problematic.