Sam Bankman-Fried is in handcuffs, but the SEC stopped short of declaring broader regulation on the chaotic cryptocurrency industry
But crypto lawyers soon noted that the actual complaint against Bankman-Fried did not attempt to expand the SEC’s purview. For months, Gensler has tried to argue that many cryptocurrencies are securities as opposed to commodities, which would give him oversight of them as opposed to the CFTC—a smaller regulatory agency that is often perceived as more crypto-friendly.
In this case, the SEC had the opportunity to claim that FTX gave investors the opportunity to trade securities. But the agency chose not to do so, with the word “security” never appearing in the complaint. Instead, they focused on allegations that SBF defrauded FTX’s equity investors, who are more clearly under the purview of securities laws.
Cosme, who is also the co-founder of the web 3 startup StackerDAO Labs, said that any attempts by the SEC to set precedents about crypto could have imperiled their central claims against Bankman-Fried. “I think their main concern is bringing SBF to justice. It makes more sense that they would go after him lying to FTX investors, because that’s low-hanging fruit,” he says.
However, Mark Kornfeld, an attorney at Buchanan Ingersoll & Rooney PC, says that even if no regulatory precedents are set by the complaint itself, the SEC’s involvement could bring change down the road. Kornfield was involved in asset recovery following Bernie Madoff’s pyramid scheme, and says “post-Madoff, federal prosecutors and regulators modernized their tools to investigate financial crimes by improving access to key data.
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