Crypto’s Fate In Limbo As SEC Targets Binance, Coinbase

When I was an enforcement attorney from 2019 to 2021 at the U.S. Securities and Exchange Commission, I would often check an internal database for potential enforcement investigations that had not yet been assigned to a specific unit or office and no one else had picked them up.

The potential investigations were often crypto-related. This was fine by me because I actually enjoyed investigating cases and actors in this area, but I got the impression my other colleagues were less compelled. Fast-forward several years later, and the staff at the SEC are decidedly not shy about taking on crypto investigations.

Earlier this month, the SEC charged two major crypto players: Binance, which the SEC sued on June 5, and Coinbase, which the SEC sued on June 6.

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