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Is Gary Gensler on a Mission to Put Crypto Down for Good? - Ep. 457

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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
Twitter

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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0:45:56
Publication year
2023
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