BREAKDOWN: Why One Crypto Company Is Suing the SEC

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4.7 • 698 Ratings

🗓️ 25 October 2021

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do Kwon and Terraform Labs are suing the Securities and Exchange Commission for due process violations resulting from a recent subpoena. This episode is sponsored by NYDIG. At Messari’s Mainnet conference in September, rumors flew that the U.S. Securities and Exchange Commission had served a subpoena on a decentralized finance (DeFi) protocol founder moments before he was set to speak on stage. The rumors were confirmed late last week when Terraform Labs and CEO Do Kwon filed a lawsuit against the SEC for due process violations. On today’s episode, NLW breaks down the lawsuit, the community’s response and what the precedent and outcome might mean for the industry going forward. - NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. - “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Exit” by Isaac Joel. Image credit: Brendan Hoffman/Getty Images News, modified by CoinDesk. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:43.9	Wondery UK. That's audible.com slash Wondery UK. Look, if the SEC is going to regulate by
0:52.0	enforcement, first, they have to play by the enforcement rules.
0:55.6	That's just table stakes.
0:57.2	And two, they can't really expect that this extremely well-funded industry is just going to roll over.
1:03.6	Welcome back to The Breakdown with me, NLW.
1:07.6	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
1:14.7	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
1:21.3	What's going on, guys? It is Monday, October 25th, and today we are discussing why one crypto company is suing the SEC.
1:31.1	If you remember about a month ago, there was quite the stir at Masari's main net conference in New York.
1:39.1	At around noon on the first day of the event, one of the attendees tweeted that they had seen the SEC serve
1:46.1	someone who was about to go be a panelist just before their panel. Now, that tweet didn't reveal
1:52.4	who had been served, and there was immediately a ton of question and speculation about whether
1:57.8	it was actually true. Now, my instinct was to believe it, given that I knew
	...

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