🚨A turf war is escalating between regulators as the SEC and CFTC crack down on alleged securities and commodities laws violations.
Coinbase was sent a warning notice by the SEC in March, and the CFTC charged Binance for breaking commodities laws. Mick Mulvaney, advisor to crypto compliance platform Astra Protocol, says the SEC is “flexing its muscle” with enforcement actions, leading to a “hostile” operating environment for crypto firms.
Without clear guidance from Congress, confusion reigns, and the lack of crypto-specific rules drives some businesses offshore. A bipartisan solution is needed, says Mulvaney, to enable safe experimentation with technology while ensuring compliance.