The SEC and CFTC may be looking to score regulatory wins ahead of congressional budgetary negotiations, legal experts have said. This may explain the flurry of lawsuits filed against crypto projects recently Opinion by danielgkuhn for The Node newsletter
Fall is here, and U.S. financial regulators are well on their way to making this the worst season for criminal enforcement yet. Every year at this time, due to budgetary considerations and perhaps quotas to fill, agencies like the Securities and Exchange Commission , Commodity Futures Trading Commission and Department of Justice ramp up their enforcement against crypto’s alleged bad actors.
This article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the full“The SEC & CFTC end their fiscal year on September 30, so this is their last chance to score big wins they can highlight in their budget requests to Congress,” Jake Chervinsky, head of policy at the Blockchain Association, tweeted.
The SEC is often accused of regulating through enforcement rather than issuing clear guidance. While the accused projects mentioned are comparatively small, each enforcement has a legal wrinkle that analysts think could set a dangerous precedent. It seems as though in the mad dash to file cases before the end of the fiscal year, mistakes can be made.for allegedly enabling unregulated derivatives trading.
The complaint further alleges that Kane and Hydrogen hired a South Africa-based firm, Moonwalkers Trading, to use bots to create “the false appearance of robust market activity.” HYDRO’s market cap sits under $500,000. The SEC's release alleges that Hydrogen"reaped profits of more than $2 million as a result of the defendants’ conduct."
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