Episode October 7, 2020

SotN#17: RETREATING! w/ Jake Chervinsky (BitMEX REKT, SEC Action, is DeFi safe?)

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SotN #16: RETREATING! w/ @jchervinsky (BitMEX REKT, SEC Action, is DeFi safe?)

Lots of legal action taken against the crypto world lately! We're bringing Jake Chervinsky from Compound Labs onto the show to help us understand what's going on.

- Enforcement actions from the SEC and CFTC
- SALT Lending pays fine, must return investor funds, must register token
- Kik is official dead, slain by SEC
- BitMEX got BitREKT
-- CEO Arther Hayes 'is AT LARGE', CTO of BitMEX is in jail

But most importantly:

Is DeFi immune from this?
Does the protocolization of financial instruments save the day?
When the spotlight turns to DeFi, are we prepared?

Resources linked & discussed

When worlds collide Bankless article:
https://bankless.substack.com/p/when-worlds-collide-market-monday-a27

The Case for Electronic Cash and Financial Privacy (Coincenter piece that Jake talked about) https://www.coincenter.org/the-case-for-electronic-cash/

Jakes prediction that regulatory action is coming: https://twitter.com/jchervinsky/status/1310626151631671296?s=20

SALT Lending: https://www.coindesk.com/sec-orders-salt-lending-to-refund-investors-in-its-50m-ico

Kick KIN ruling: https://www.coindesk.com/kik-sec-ruling

Bloomberg scare article:
https://www.bloomberg.com/news/articles/2020-10-01/booming-crypto-market-a-potential-haven-for-money-laundering

What does BitMEX charge from the DOJ for breaking the bank secrecy act mean for Defi? https://twitter.com/AdamScochran/status/1311729872050544643?s=20

Jay Clayton SEC chair says all stocks may be tokenized:
https://www.theblockcrypto.com/post/79783/all-stocks-tokenized-sec-chairman-clayton