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Aaron Greenspan
The SEC sued Coinbase on June 6th.
 U.S. Securities & Exchange Commission v. COINBASE, INC et al, New York Southern District Court Case No. 1:23-cv-04738-KPF
I think Coinbase probably hopes they get sued by regulators more often at this point.
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July 10, 2023 at 5:29 PM EDT •  Reply |
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Aaron Greenspan
I think it's probably not true.
For one thing, prosecutors do not report to investors. The fact that there have been relatively few prosecutions lately as the Everything Bubble has inflated has a lot more to do with other policy levers, such as the fact that from 2017-2021, Donald Trump and his minions were busy eviscerating the regulatory state, including the Department of Justice and the Securities and Exchange Commission, from the inside out—something we still have yet to recover from. If anything, good times should lead to increased budgets for regulatory enforcement due to higher tax revenue and opportunities to file compelling cases.
There is also the fact that the Republican Party has done its best to block any measure that would put an end to revolving door politics, which has a huge impact on the personnel at regulatory agencies. If everyone at the SEC just got off Wall Street and still has friends there, are they really going to clamp down? As we have seen, the answer is decidedly "no."
So I don't think business cycles have much to do with it at all, really.
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May 16, 2022 at 2:50 AM EDT • Reply |
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