"If they don't do it, you'd be left with no one to bring in punitive enforcement action other than the Department of Justice. It highlights the need for prudential regulators to figure this out."
Over the past few weeks, SEC has been filing charges against individuals in the crypto industry over insider trading and fraud. In the absence of market regulations, it has been using pre-existing rules in traditional finance.
Partner Charlie Steele speaks to the Financial Times about the SEC's recent crackdown and why this is needed in the absence of specific industry regulation.
Read the piece here.