The SEC announced major lawsuits against the world's largest digital currency exchange, Binance, and the largest U.S.-based exchange, Coinbase.
The dueling moves by the crypto industry’s biggest Washington foe and its most powerful allies underscore the government’s extreme divide over how to police the market for digital tokens. The big question for the crypto world is how long it can continue to fend off Biden-era regulators through the courts until the political winds shift more in its favor.
“We should be not assuming that crypto has some innovation payout right around the corner,” said Mark Hays, a senior policy analyst at Americans for Financial Reform who advocates for tougher digital asset regulation. “Of course, the chairman has been on an enforcement binge, I would say since the first of the year, which has always struck me as a bit like covering for a lack of any successful intervention on FTX during 2022,” said Hill, a senior member of the Financial Services Committee. “He chases down Kim Kardashian about promoting crypto but does nothing about actually working with companies to make sure they’re in compliance.
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