BREAKDOWN: The SEC’s Escalating Battle Against Crypto
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 25 July 2022
⏱️ 20 minutes
🧾️ Download transcript
Summary
An overview of the SEC’s insider-trading charges filed last week.
This episode is sponsored by Nexo.io, Chainalysis and FTX US.
On today’s episode, NLW catches listeners up on the criminal charges filed against a former Coinbase employee and two of his associates last week around insider trading. The charges come from the Justice Department and the Securities and Exchange Commission, and it is the SEC’s charges that have the biggest implications. Nine of the tokens traded are being labeled by the SEC as securities, but the token issuers are not being given a chance to defend themselves. In a wildly unusual breach of protocol, a commissioner from the Commodity Futures Trading Commission accused the SEC of “regulation by enforcement” in a public press release response. NLW breaks down the escalation on the part of the SEC.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Chip Somodevilla/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:14.8 | The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk. |
| 0:22.8 | What's going on, guys? It is Monday, July 25th, and today we are talking about a major |
| 0:27.6 | escalation from the SEC. Before we get into that, however, if you are enjoying the breakdown, |
| 0:32.8 | please go subscribe to it, give it a rating, give it a review, or if you want to dig deeper into |
| 0:37.0 | the conversation, come join us in the Breakers Discord. You can find a link in the show notes or go to |
| 0:41.7 | bit.ly.com slash breakdown pod. Lastly, a disclosure as always. In addition to them being a |
| 0:47.3 | sponsor of the show, I also work with FTX. All right, guys, I am back here as usual. I hope you have enjoyed the midsummer macro series. |
| 0:57.7 | The responses seemed really positive. It seems like these are topics and guests that you guys |
| 1:01.8 | really like. Let me know if that's the case. Maybe there are topics that you want to hear more about |
| 1:06.4 | or things that I didn't have a chance to cover that you'd like to hear more of. And I will see |
| 1:10.1 | what we can do about getting those things covered. Now, you will also probably notice that I do not |
| 1:15.9 | sound my normal self. I came back from traveling with COVID, as is want to happen, but we |
| 1:22.1 | are powering through. There was a ton of stuff happening in this industry last week. Frankly, it was kind of a brutal one to be away from the microphone for. |
| 1:31.6 | But I'm going to go back to the stories that I think have the longest legs here. And today, we are going to focus on the insider trading accusations brought by the Department of Justice and the Securities Exchange Commission last week. |
| 1:43.1 | So let's start with the basics. |
| 1:45.7 | Last Thursday, the Department of Justice brought criminal charges against former Coinbase |
| 1:49.3 | product manager Isan Wahi and two associates in relation to insider trading. |
| 1:54.1 | The trio are accused of trading at least 14 small-cap tokens using their knowledge of imminent |
| 1:58.8 | listings on Coinbase. |
| 2:02.0 | This will remind you, |
... |
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