Regulation by Enforcement: A Worrying Trend

Jo Wright says two recent cases have left industry participants worried that regulators are ruling by enforcement.

law and order

At first blush, there appears to be little in common between the Commodity Futures Trading Commission’s enforcement case against developer Jitesh Thakkar and the Securities and Exchange Commission’s (SEC) enforcement case against coin issuer Telegram. The first action concerns regulators holding developers accountable for crimes committed with their software; the second hinges on legal definitions of securities.

But these recent actions both tell a similar story: how regulators are relying on

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