Fear of the unknown: A tale of the SEC’s crusade against synthetics
On the opening day of Messari Mainnet 2021, New York City’s long-awaited first crypto conference since the start of COVID-19, reports came blazing in via a viral tweet that the United States Securities and Exchange Commission had served a subpoena to an event panelist at the top of an escalator in broad daylight. While it’s still not entirely clear who was served (or why), this isn’t the first time the SEC has encroached upon the crypto industry in full view of the public. Let’s go back a mere two months.
On July 20, 2021, SEC Chair Gary Gensler issued his remarks outlining the SEC’s scope of authority on cryptocurrency:
Just like the SEC’s bold arrival at Mainnet, Gensler’s remarks definitely did not arise out of the blue. They arose because
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