When Michael Corleone ordered hits on rival bosses in The Godfather, he had Don Cuneo locked inside a revolving door and shot. Getting whacked while trapped behind a barred door appears to be the treatment United States Securities and Exchange Commission Chair Gary Gensler has in mind for U.S. crypto projects based on recent SEC enforcement activity and comments by the chair.
The SEC should not be left to wage an unsupervised dirty war on crypto. Congress must both defend its oversight authority and give American crypto developers, entrepreneurs and users a clear path to lawfully carry on their business. Providing a common-sense disclosure framework for asset-backed stablecoins is the place to start.
Jack Solowey is a policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives (CMFA), focusing on financial technology, crypto and DeFi. He holds a law degree from the New York University School of Law and a bachelor of arts from the University of Pennsylvania.
Jennifer J. Schulp is the director of Financial Regulation Studies at the Cato Institute’s CMFA, where she focuses on the regulation of securities and capital markets. She holds a law degree from the University of Chicago Law School and an undergraduate degree from the University of Chicago.