Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown - Ep. 458

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 21 February 2023

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

A settlement with Kraken, a proposed custody rule, and lawsuits against Paxos and Terraform Labs. “This week has been a very long year,” said Polygon Labs Chief Policy Officer Rebecca Rettig. She joins Coinbase Chief Legal Officer Paul Grewal to interpret what’s going on with the SEC. Is it just one big push to cripple the crypto industry? “The fact that we’re all … trying to read tea leaves speaks to a failure in the system that relies upon one-off enforcement actions rather than a public rulemaking process,” said Grewal. Show highlights: how the implosion of FTX sped up regulatory actions whether the SEC will go after other staking services why the statement that crypto firms should just register with the SEC is “disingenuous” what seems to be behind the decision to target the BUSD stablecoin whether SEC enforcement actions will be detrimental to innovation in the U.S. what features would make stablecoins securities why the SEC is alleging that the UST stablecoin is a security why “expansion of jurisdiction” is at the heart of the SEC’s proposed crypto custody rules why Paul thinks that forcing crypto innovation offshore could become a national security issue for the U.S. Thank you to our sponsors! Crypto.com FTSE Halborn NYU Guests: Paul Grewal, Chief Legal Officer at Coinbase: Twitter Rebecca Rettig, Chief Policy Officer at Polygon Labs: Twitter Links WIRED: Confusion Spirals in Crypto as the US Cracks Down Unchained: Circle Told NYDFS That Paxos-Issued BUSD Wasn’t Fully Backed SEC Wants Tougher Rules for Crypto Custody SEC Sues Do Kwon and Terraform Labs WSJ: Crypto Firm Paxos Faces SEC Lawsuit Over Binance USD Token Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin Bloomberg: US Crackdown Seeks to Push Crypto Back to the Fringes of Finance SEC: Pocketful of Quarters, Inc. Statement on Safeguarding Advisory Client Assets Proposal CoinDesk: SEC Proposal Could Bar Investment Advisers From Keeping Assets at Crypto Firms Jesse Powell’s tweet Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Think about the fact that in recent months and in the past year,
0:03.8	we've spent billions of dollars, taxpayer dollars,
0:06.4	to try to lure and incent the return of semi-conductors
0:11.3	to the United States for national security reasons.
0:14.4	I'd hate to see us make that same mistake
0:16.6	with respect to crypto.
0:18.3	I'd hate to see innovations that were either originally
0:21.8	or largely developed here in the United States pushed off
0:24.2	short and for the country in 30 years to be spending
0:29.5	even more money to try to lure that industry back
0:32.1	after it's had a tremendous record of success in other markets.
0:36.0	That's one way in which I think about the national security
0:38.4	implications of what we're seeing
0:40.1	coming from the SEC and elsewhere today.
0:46.7	Hi, everyone. Welcome to Unchained,
0:48.5	your no-hi resource for all things crypto.
0:50.8	I'm your host, Laura Shin, author of The Cryptopians.
0:54.4	I started covering crypto seven years ago,
0:56.4	and as a senior editor at Forbes,
0:58.1	was the first mainstream media reporter
0:59.9	to cover cryptocurrency fall time.
1:01.7	This is the February 21st, 2023 episode of Unchained.
	...

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