SEC's Crypto Enforcement Actions in 2023

No, obviously, sec chair, Gansler has had a, you know, pretty um you know, very active here. I would say we've gotten a better sense of his approach to the SEC and how I was looking at crypto under his watch uh than we have in, you know, maybe last year, for example. So, you know, the biggest examples of, of course, uh are the enforcement actions against crypto exchanges like Coinbase financing crack where the SEC has alleged that, you know, they're basically fulfilling all of these different uh operations that would normally be fulfilled by different companies or different entities uh while under the same umbrella. So, you know, crypto exchanges in the S ECs view are doing exchange exchange functions, brokerage functions, clearing functions all at once, those should be separated out. So, you know, this is uh I don't want to say it's a sea change. I think we've been moving this direction for a while under, you know, not just Gary Guns, but uh you know, even to some extent under his predecessor, Jake Clayton, but we're starting to see what this looks like. We're getting closer to seeing, you know, what the courts think and how, you know, the ju uh judiciary might look at this. We're also seeing, you know, this year we saw the special purpose broker dealer proposal that was again, first, you know, proposed under Jay Clayton, uh get adopted and used by a company called Promethium much to the industries. Uh let's say they weren't super excited about it. Um But that is, that's chagrin. Chagrin is when you use that term, that, that's like boom. Thank you SHS No. Whenever you say it's a good word, it's a good word. It's exactly literally. They're all walking around with chagrins. Yeah. And uh we gotta see what that looks like as well when you know, into the, you know, coming year. That's another thing that people are watching for because if it turns out the SEC doesn't and you know what its work, uh it does have a framework for OK. Yeah, here's how you can launch, uh you know, services uh without running a F of SEC rules. You know, that's uh gonna be something that's gonna definitely have a serious impact on the rest of the industry.