CoinDesk Podcast Network - UNCHAINED: The Real Reason Why the SEC Might Be Going After Ethereum
Why might the SEC investigate the Ethereum Foundation, even though the agency has previously affirmed that ETH is a commodity?
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
On March 20, Fortune reported that the SEC was investigating the Ethereum Foundation and was looking for legal ways to label ETH as a security.
Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications.
The guests speculate about the hidden motivations behind the SEC's investigation and discuss the likelihood of the approval of spot Ether ETFs. They also discuss the recent ruling in the SEC vs Coinbase case, where the judge dismissed claims that Coinbase's wallet was acting as an unregistered brokerage, but allowed the rest of the suit to proceed.
Lastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ETHer is a security and what they are looking out for in the next couple of weeks and months.
Show highlights:
- Whether the investigation into the Ethereum Foundation is confirmed and why the SEC would do this
- Why Sam Enzer believes that the SEC would be "utterly wrong and ridiculous" in alleging ETH is a security
- Whether the number of people working on Ethereum could make the argument that it is decentralized
- How would the SEC justify that ETH is a security and whether the Foundation is running Ethereum’s managerial efforts
- Whether the SEC is looking for evidence to deny spot ether ETFs
- Why SEC chair Gary Gensler has changed his mind on many of his previous stances regarding crypto assets and whether he's acting in good faith
- The ongoing battle between the SEC and the CFTC and the need for Congress to regulate the industry
- What the possible outcome of this investigation could be, and whether we'll have a court case soon
- What the impact would be if ETH were classified a security
- Whether Prometheum could launch its platform offering custody of ETH as a security before an SEC designation
- Why Sam believes that the spot ETH ETFs will be denied on May 23rd
- How the SEC has already made up its mind even before gathering the facts, according to Sam
- Whether the recent judgment on Coinbase's case affects the potential case against the EF
- Whether Ethereum transactions are security transactions, and the difference between primary and secondary sales
- What to expect in terms of regulation and enforcement actions in the short term, given the number of cases at the moment
Thank you to our sponsors! Polkadot
Guests:
Sam Enzer, Partner at Cahill Gordon & Reindel
Previous appearances on Unchained:
How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence
Why the SEC’s Case Against Coinbase Is So Significant for Crypto
Why SBF’s Testimony So Far Has Likely Already Doomed Him
Another Bad Week for Sam Bankman-Fried in His Criminal Trial
Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?
Greg Strong, partner at DLx Law
Previous appearance on Unchained: Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify
Links
Ethereum Foundation investigation:
Fortune: SEC probing crypto companies in ETHereum investigation as hopes for ETF dim
CoinDesk: Ethereum Foundation Faces Inquiry From a Government; Fortune Says SEC Investigating ETH
Unchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security
Unchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
Ethereum’s security status
Unchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security
Fortune: SEC’s Gensler seen telling hedge funds that Ethereum and Litecoin are ‘not securities’ in 2018 video
CNBC:
SEC Chair Gary Gensler on potential Crypto regulation: It's within the securities laws
SEC Chair Gary Gensler discusses potential crypto regulation and stablecoins
CoinDesk: SEC Chair Gensler Declines to Say if ETHer Is a Security in Contentious Congressional Hearing
Decrypt: Is Ethereum a Security? SEC Chair Gary Gensler Defers on the Question
WSJ: ETHer’s New ‘Staking’ Model Could Draw SEC Attention
Former SEC director William Hinman has stated that he believes Ethereum is not a security
Emails that made public during the Ripple case.
Coinbase case
Unchained: Court Rejects Coinbase's Bid to Dismiss SEC Charges Against It
Prometheum
CoinDesk: House Republicans Demand SEC Explain What's Up With Crypto Platform Prometheum
Unchained: Aaron Kaplan Scoffs at Legal Tenets of Crypto, But Gives Few Details About Prometheum
Other SEC/crypto news
Unchained: Gensler's Gamble: SEC Targets Ripple With $2 Billion Fine in High-Stakes Enforcement Push
Bloomberg: SEC Blasted by Judge for 'Abuse of Power' in Crypto Case Against DEBT Box
Reuters: US SEC seeks $2 billion from Ripple Labs, chief legal officer says
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Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz.
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Up First from NPR - Taiwan Earthquake, Wisconsin Primary, Texas Border Law
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Big Technology Podcast - Why Marissa Mayer Is Betting Big On Consumer Tech
Marissa Mayer is the CEO and co-founder of Sunshine, the former CEO of Yahoo, and a longtime Google executive. She joins Big Technology Podcast to discuss why she's betting on consumer tech, building a new array of products including Sunshine Contacts and the newly released Shine, a photo sharing app. Mayer discusses how AI impacts building for consumers today, and whether independent tech stands a chance against big tech. We also discuss the state of OpenAI, Google's competitive position, the lessons from Mayer's Tumblr acquisition, and what motivated her to found a company. Tune in for a fun, in-depth conversation with one of tech's leading executives.
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The Intelligence from The Economist - The Intelligence: Naan inflationary growth
India is not the first country to leapfrog from poverty-induced undernourishment to also having an obesity crisis—but a number of factors make that a far chunkier problem than it is elsewhere. A shock local-election result in Turkey suggests the country’s strongman leader may not be so strong (9:48). And China’s solar-panel bonanza upsets the lucrative market for ultra-pure sand (17:43).
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Podcast transcripts are available upon request at podcasts@economist.com. We are committed to improving accessibility even further and are exploring new ways to expand our podcast-transcript offering.
Money Girl - 10 Rules for Successful Investing You Should Know
Laura reviews ten critical investing rules to build wealth and achieve your financial goals.
Money Girl is hosted by Laura Adams. A transcript is available at Simplecast.
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The Daily Detail - The Daily Detail for 4.3.24
Alabama
- AG Marshall posts op-ed against the legislative rewrite of ethics laws
- AG Marshall files a brief re: Hawaii Supreme Court and major oil companies
- AL PAC alerts black churches of Biden's push on Easter for Transgender visibility
- Amendment bill passes committee to consolidate licensing boards in state
- Governor Ivey's lawyer responds to lawsuit over racial quotas on real estate board
- First meeting today in Montgomery of task force considering Artificial Intelligence
- 21 truckloads of hay arrived in TX from AL to help cattlemen affected by wildfires
National
- Federal judge in KY rules against new highway emissions rule from DOT
- LA senate passes declaration of sovereignty against Global elite organizations
- Oregon governor signs bill to re-criminalize hard drugs in that state
- Bond was paid in cash by Donald Trump in NY fraud case that he is appealing
- Kash Patel says gag order in other Trump case is violating his free speech rights
Getting Hammered - F.A.F.O
Today we're talking about Biden's acknowledgment of Trans Visibility day, the Israeli strike in Syria, Vanderbilt students protest, and the New York Times finally tells the truth about the pandemic and absenteeism.
Time Stamps:
14:49 Easter News
27:00 Israel
49:58 Learning Loss
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NBN Book of the Day - Marc Masters, “High Bias: The Distorted History of the Cassette Tape” (UNC Press, 2023)
The cassette tape was revolutionary. Cheap, portable, and reusable, this small plastic rectangle changed music history. Make your own tapes! Trade them with friends! Tape over the ones you don't like! The cassette tape upended pop culture, creating movements and uniting communities.
High Bias: The Distorted History of the Cassette Tape (UNC Press, 2023) charts the journey of the cassette from its invention in the early 1960s to its Walkman-led domination in the 1980s to decline at the birth of compact discs to resurgence among independent music makers. Scorned by the record industry for "killing music," the cassette tape rippled through scenes corporations couldn't control. For so many, tapes meant freedom--to create, to invent, to connect.
Marc Masters introduces readers to the tape artists who thrive underground; concert tapers who trade bootlegs; mixtape makers who send messages with cassettes; tape hunters who rescue forgotten sounds; and today's labels, which reject streaming and sell music on cassette. Their stories celebrate the cassette tape as dangerous, vital, and radical.
Marc Masters is a music journalist whose work has appeared on NPR and in the Washington Post, Pitchfork, Rolling Stone, and Bandcamp Daily. He is also the author of No Wave. Marc Masters on Twitter.
Bradley Morgan is a media arts professional in Chicago and author of U2's The Joshua Tree: Planting Roots in Mythic America. He manages partnerships on behalf of CHIRP Radio 107.1 FM, serves as a co-chair of the associate board at the Gene Siskel Film Center of the School of the Art Institute of Chicago, and volunteers in the music archive at the Old Town School of Folk Music. Bradley Morgan on Twitter.
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Everything Everywhere Daily - The Legend of Bigfoot (Encore)
Long before Europeans arrived in North America, native people told stories of large hairy men who lived in the woods.
For the last several centuries, periodic reports of such creatures have appeared all over the United States and Canada.
In the late '60s and early '70s, photos and movies started to appear that seemed to provide evidence of these creatures…..seemed.
Learn more about the legend of Sasquatch, aka Bigfoot, on this episode of Everything Everywhere Daily.
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