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A recurring notion in the crypto community was that CFTC is the good cop to SEC’s bad cop. If only all crypto were under CFTC’s purview, everything would be awe
by pavlov 4y ago
A recurring notion in the crypto community was that CFTC is the good cop to SEC’s bad cop. If only all crypto were under CFTC’s purview, everything would be awesome. I don’t know how this kind of action affects that belief.
- deleted 4y ago[deleted]
- tempsy 4y agothat ended when half of the CFTC staff was utterly embarrassed by their public groveling of SBF
- KptMarchewa 4y agoCan you really read those messages and claim they are the "bad cop"?
- jefftk 4y agoThis is the CFTC, not SEC.
- JumpCrisscross 4y ago> notion in the crypto community was that CFTC is the good cop to SEC’s bad cop The SEC has an order of magnitude more employees than the CFTC [1][2]. Crypto favored the latter not because it was a good cop, but because it is a weaker one. [1] https://www.sec.gov/strategic-plan/about https://www.sec.gov/strategic-plan/about [2] https://www.eeoc.gov/federal-sector/commodity-futures-trading-commission-cftc-0 https://www.eeoc.gov/federal-sector/commodity-futures-tradin...
- TheBlight 4y agoThen why is it the CFTC going after Binance and not the SEC?
- JumpCrisscross 4y ago> people claim NASA is some kind of cash-cow that drags its feet to get more money Weaker by comparison, not weak per se.
- yieldcrv 4y agobecause Binance is violating the CEA and the crypto space could use services that are not violating the CEA
- from 4y agoWhat do you think are the odds this goes beyond fines? I get the feeling other agencies are gonna pile on and then there will be a huge global settlement to resolve all the cases but the Hamas stuff and the fact that they weren’t even checking OFAC list or countries makes me think there’s a sealed indictment with at least the compliance officer and probably CZs name on it too.
- yieldcrv 4y agoThere will probably be criminal indictments. But those too will be settled with fines and constructively financed and non-prison sentencing. For context, look at Arthur Hayes with Bitmex. That got very dicey and was way smaller than Binance, big but smaller.
- PretzelPirate 4y agoThe crypto community prefers the CFTC over the SEC because they beleive that many tokens (ex: BTC and Eth) and commodities and not securities. It has nothing to do with relative strength of the groups or whether they're the good or bad cops.