Is SEC Planning More Crypto Crackdowns In September? Legal Officer Warns

As an analyst, I’m sharing insights based on comments by Jake Chervinsky, the Chief Legal Officer of VariantFund. He has signaled a potential uptick in SEC enforcement actions towards the end of September within the cryptocurrency market. Despite facing criticism from industry executives, U.S. regulators maintain their cautious stance towards the crypto sector. This approach is perceived as stifling innovation and fostering negative sentiments among stakeholders due to its restrictive nature

SEC Might Increase Crypto Scrutiny 

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“Just a heads up, the SEC, CFTC, and other financial regulators wrap up their fiscal year on September 30th. Historically, it’s not uncommon to see an increase in enforcement actions from these agencies in September as they prepare their annual reports and budget requests for Congress. It’s usually a flurry of enforcement actions because it’s the end of their fiscal year on September 30th. That means it could be a busy month with a lot going on, and they are shoring up their performance reports and budget requests for Congress. It could be a busy month with a surge of enforcement actions as they prepare their annual reports, so it could be a busy month.”

From my perspective as an analyst, it appears that regulators tend to boost their reputation by intensifying actions and amassing a high number of cases either decided or still under review. Nevertheless, some crypto users challenge this view, suggesting that the SEC might instead seek out-of-court resolutions and settlements, which could potentially reduce the overall number of pending cases

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— Jake Chervinsky (@jchervinsky) September 4, 2024

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2024-09-05 01:01