Unconfirmed: People Expected a Big SEC Enforcement Action This Week. What Happened? Days - Ep.277

2021-10-01

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Stephen Palley, partner at Anderson Kill, discusses a few hot-button crypto regulatory issues like lending products, whether DeFi protocols fall under the SEC’s purview, and more. Show highlights: why Stephen thinks the SEC and CFTC did not announce more extensive crypto enforcement news this week what areas the SEC Chair Gary Gensler and the SEC as a whole are focused on regulating what Stephen has heard about whether stablecoins that are not fully-backed are securities why Coinbase decided to drop its Lend product why Stephen is skeptical t...

Stephen Palley, partner at Anderson Kill, discusses a few hot-button crypto regulatory issues like lending products, whether DeFi protocols fall under the SEC’s purview, and more. Show highlights:

why Stephen thinks the SEC and CFTC did not announce more extensive crypto enforcement news this week
what areas the SEC Chair Gary Gensler and the SEC as a whole are focused on regulating
what Stephen has heard about whether stablecoins that are not fully-backed are securities
why Coinbase decided to drop its Lend product
why Stephen is skeptical that decentralized protocols should be regulated under existing securities laws
how securities law is contrary to consumer protection in light of DeFi protocols and airdrops
why DeFi AMMs should be regulated differently than centralized market books
whether companies running a front-end for a DeFi protocol should be considered an exchange
why crypto devs are “going Satoshi” because of US securities laws

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Episode Links

Stephen Palley

Twitter: https://twitter.com/stephendpalley
Unchained podcast appearance speaking about Ripple: https://unchainedpodcast.com/the-secs-lawsuit-against-ripple-and-2-execs-what-you-need-to-know/

Topics Covered

Lending Products

Coinbase blogs regarding Lend
- https://blog.coinbase.com/the-sec-has-told-us-it-wants-to-sue-us-over-lend-we-have-no-idea-why-a3a1b6507009
- https://blog.coinbase.com/sign-up-to-earn-4-apy-on-usd-coin-with-coinbase-cdad79e5f5eb
Lend overview: https://www.jdsupra.com/legalnews/a-september-to-remember-coinbase-avoids-7608131/

Brian Armstrong angry tweet storm
- https://twitter.com/brian_armstrong/status/1435439291715358721
BlockFi and Celsius overview
- https://www.coindesk.com/policy/2021/09/17/3-states-alabama-securities-commission-also-claims-celsius-violated-securities-laws/

SEC + Gary Gensler

How SEC Chair Gary Gensler’s Views on Crypto Have Changed Since His MIT Days
- https://unchainedpodcast.com/how-sec-chair-gary-genslers-views-on-crypto-have-changed-since-his-mit-days/
SEC Chair Gary Gensler Washington Post Q&A
- https://www.washingtonpost.com/washington-post-live/2021/09/21/transcript-path-forward-cryptocurrency-with-gary-gensler/
Gary Gensler + Elizabeth Warren letters
- https://www.warren.senate.gov/newsroom/press-releases/warren-releases-response-from-sec-chair-gensler-affirming-need-to-regulate-cryptocurrency-exchanges-and-protect-investors-and-our-financial-system

Other

Uniswap delisting certain tokens through its front end
- https://www.theblockcrypto.com/linked/112399/uniswap-labs-culls-synthetic-stock-and-derivatives-citing-evolving-regulatory-landscape

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