DEX in the City: How the SEC’s Crypto Task Force Is Rebuilding Trust with Builders
Will SEC guidance stick around if the administration changes? Commissioner Peirce and Sumeera Younis of the Crypto Task Force answer.
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The SEC’s Crypto Task Force has spent over a year rebuilding a relationship the industry feared was broken for good. Commissioner Hester Peirce and task force Chief of Operations Sumeera Younis explain how the SEC prioritizes crypto policy questions, why tokenization leads the agenda, and what happens to this guidance when the administration changes.
They tackle the gap between large players shaping policy and small builders who want clear instructions, reveal how the SEC and CFTC coordinate to prevent jurisdictional conflicts, and argue that smart contracts and AI could reinvent securities disclosure.
Hosts:
Katherine Kirkpatrick Bos, General Counsel at StarkWare. Previously held senior legal roles across DeFi and centralized exchanges.
Jessi Brooks, General Counsel at Ribbit Capital
TuongVy Le, General Counsel at Veda
Guests:
Commissioner Hester Peirce, U.S. Securities and Exchange Commission
Sumeera Younis, Chief of Operations, SEC Crypto Task Force
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Rewriting the Rules: The SEC & CFTC on Crypto, IPOs & the Future of American Markets
(0:00) Jason and Chamath welcome SEC's Paul Atkins and CFTC's Michael Selig
(0:53) Atkins on how US markets have changed over his 40 year career
(3:04) Top priorities across both agencies: Fixing the IPO drought, crypto regulation, cutting unnecessary rules
(8:16) AI trading bots, autonomous hedge funds, and investing with leverage
(15:30) Ending the "Turf War" between the SEC and CFTC, super app vision
(19:15) Prediction markets, insider trading, gray area
(26:56) Trump advocates for changing quarterly earnings to bi-annual
(30:30) Changing the accreditation rules a priority for 2026
(34:56) HFT firms that dominate the futures markets, swap reporting
(40:36) VC fund formation
(46:18) US markets vs the world, crypto classification
(52:54) Biggest risks: Market manipulation, crypto scams, and the Gen Z gambling crisis
SEC Chair Paul Atkins:
https://x.com/SECPaulSAtkins
CFTC Chair Michael Selig:
https://x.com/ChairmanSelig
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Commissioner Peirce On SEC’s Next Moves
Gm! This week Yano was joined by Commissioner Hester Peirce to dive into how the SEC is rethinking and reframing the role that digital assets can play in the financial landscape of the US. In a balancing act between fostering innovation and protecting consumers, Commissioner Peirce’s job is an important one to move the industry forward stateisde.
--
Start your day with crypto news, analysis and data from David Canellis.
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–
Chapters:
(00:00) Intro
(02:14) Early To Crypto
(07:45) TradFi Censorship
(09:20) Goal of SEC
(13:06) Ads (Skale, Katana)
(14:36) Token Launches & Transparency
(22:43) AirDrops/ICOs
(23:57) Accredited Investor Rules
(25:00) Trillion Dollar Private Companies
(26:30) Innovation vs Protecting Consumers
(29:35) Licensing
(35:52) Ads (Skale, Katana)
(37:22) Bank Secrecy Act
(40:29) Privacy In Crypto
(46:48) Self Custody
(49:20) DATs
(51:15) New ETFs
(55:51) Prediction Markets
(57:21) Politicization of Crypto
—
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
The Chopping Block: Hester Peirce on Freedom, Fraud, & Fixing the SEC - Ep. 810
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by SEC Commissioner Hester Peirce—aka “CryptoMom”—for a rare, candid conversation. They unpack the SEC’s vibe shift, why airdrops might be doomed, and whether memecoins are just collectibles or cleverly disguised securities. Plus, Hester dishes on Paul Atkins’ potential leadership, the SEC’s new crypto task force, and what real regulatory clarity might finally look like.
Show highlights
🔹 Hester Peirce Unfiltered – The SEC’s “CryptoMom” on vibes vs. law, the Gensler era, and why the U.S. needs a freedom-first approach
🔹 “Come In and Talk to Us” – Why the SEC wants founders to re-engage—but can trust be rebuilt after years of legal whiplash?
🔹 Memecoins ≠ Securities? – How the new SEC is redefining meme coin oversight and why “collectibles” might be the new loophole
🔹 Airdrops Are Kinda Pointless – Haseeb argues most airdrops fail to deliver value or decentralization; the panel debates
🔹 Self-Regulation in Crypto – Hester’s surprising praise for proof-of-reserves and why industry norms might beat new rules
🔹 The Howey Test Is Broken – How forcing orange grove law onto crypto led an entire industry to play armchair lawyer
🔹 Will the New SEC Last? – If the White House flips, could the next Chair bring back the enforcement hammer?
🔹 Tarun’s TradFi Feedback Loop – Why TradFi may start borrowing more from crypto playbooks than the other way around
🔹 Regulation by Meme – The SEC embraces facts and circumstances—but is “Ghibli meme policy” scalable?
🔹 What Should Founders Do Now? – The panel pushes Hester on timelines, clarity, and whether the U.S. is safe to build in again
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Guest
⭐️ Hester Peirce, SEC Commissioner
Disclosures
Links
Miles To Go: Remarks before The Digital Chamber's 8th Annual DC Blockchain Summit by Hester Peirce: https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-dc-blockchain-summit-032625
Timestamps
00:00 Intro
05:35 The Role of Regulation in Innovation
09:54 Crypto Task Force & Future Plans
18:47 Global Perspectives on Crypto Regulation
23:26 Self-Regulation in the Crypto Industry
27:27 SEC's Role & Potential Adjustments
35:04 Evaluating Memecoins & Their Regulatory Status
36:48 The Howey Test & Its Application to Crypto
43:55 Future of Crypto Regulation & SEC's Approach
47:10 Insights on SEC Leadership & Regulatory Philosophy
51:35 Advice for Aspiring Securities Lawyers
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SEC's Crypto Task Force: A New Era for Regulation? | Hester Peirce
SEC Commissioner Hester Peirce discusses her new role as head of the SEC Crypto Task Force and its impact on crypto regulation. We explore the repeal of SAB 121, how the task force aims to bring clarity to token issuances, and potential pathways for retroactive relief for crypto projects. Peirce also shares insights on SEC-CFTC collaboration, no-action letters, and her approach to prioritizing key industry issues. A must-listen for understanding the future of crypto regulation and policy shifts at the SEC!
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------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/base:0x4be6cd4d402fed49eb2de95fbc8e737e8ffd3e7f/33?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E
------ TIMESTAMPS
00:00 Intro 04:21 Post-Election Thoughts 05:09 Crypto Task Force & SAB 121 11:00 Hester's Statement on SEC Site 12:41 Issuing Tokens & SEC 14:58 No-Action Letters 18:30 Communication with SEC 22:00 Task Force & Companies 23:55 SEC & CFTC Relations 26:42 Token as a Security? 32:00 KYC, Securities & Open Networks 36:23 Investment Barriers & Accreditation 38:32 Paul Akin’s Retirement Effects 40:30 Matt Levine’s "Dumb Investment" 42:52 SEC & Memecoins 45:03 Airdropped Coins 47:33 Miscellaneous Issues 48:46 SEC & ETFs 49:23 Prioritizing Work 50:17 Future SEC Plans 53:15 Closing & Disclaimers
------ RESOURCES
Hester Peirce https://www.sec.gov/about/sec-commissioners/hester-m-peirce https://x.com/HesterPeirce
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Former SEC Chair Jay Clayton says the crypto industry is 'pushing US market infrastructure forward'
This episode of The Scoop was recorded with former chairperson of the U.S. Securities and Exchange Commission, Jay Clayton.
Chaparro and Clayton discuss how the crypto industry has evolved since Clayton's tenure as head of the SEC.
OUTLINE
00:00 Introduction
00:54 Crypto's Evolution
03:42 Crypto Securities & Crypto Commodities
07:02 Token Fundraising
09:57 US Crypto Exchanges
11:12 2022 Crypto Credit Crisis
12:47 The Future of Finance
15:05 Short Selling
16:08 Closing Thoughts
This episode is brought to you by our sponsor Polkadot
Polkadot is the blockspace ecosystem for boundless innovation. To discover more, head to polkadot.network
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The Block Newsletters
The Block's newsletters bring you the latest news and analysis of the fast-moving crypto and DeFi markets. To subscribe, visit theblock.co/newsletters
SEC’s Hester Peirce Tackles ‘Frustrating’ Crypto Regulation – And Why It’s So Slow - Ep. 507
SEC Commissioner Hester Peirce has a reputation in the industry for being more supportive of crypto than her peers. After a rough year for the industry, Peirce weighs in on whether the agency was right in recently naming several crypto tokens as securities, the state of the current regulatory framework, and the slow pace of change. “All I can say is that I’ve been at the agency for over five years, and it’s very frustrating to me that in that time we haven’t done something more productive,” Peirce tells Unchained.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Show highlights:
what would Peirce do to regulate crypto if she were chair of the SEC
whether the SEC was right in alleging that SOL, ADA, MATIC, and more are securities
why Peirce says the SEC’s current approach will take many years to find a resolution
whether special purpose broker-dealer licenses are a solution
why Peirce believes that the existing regulatory framework is not enough to oversee digital assets
her views on the pressing need to find a way to make existing regulations comport with a technology that doesn’t require intermediaries
whether the fact that many SEC employees worked on the Hinman speech reflects the opinion of the agency as a whole
why Peirce is “very frustrated” after five years of working at the SEC
why she’s been seen as the “Crypto Mom” and why she thinks it’s so important to provide a clear regulatory framework
Thank you to our sponsors!
Crypto.com
Copilot Money
Proton
Guest
Hester M. Peirce, SEC Commissioner
Links
Previous coverage of Unchained on the topic:
The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler
‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer
Gary Gensler vs. Crypto: What Will the SEC Attack Next?
Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’
Unchained:
SEC Sues Coinbase for Breaking Securities Laws
SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities
SEC Calls Solana, Polygon, Algorand and Other Tokens Securities but Misses Ether in Binance Lawsuit
US House Republicans Propose Bill That May Give Crypto Assets a Path to Becoming Commodities
Coinbase Seeks to Compel SEC Response to Rulemaking Petition
The Block:
Ripple calls for investigation into former SEC official after document release
Former SEC director Hinman's plan to call Vitalik Buterin revealed in suit
SEC comments on Hinman speech released in Ripple Labs filing
WSJ: Who Is Brian Armstrong? Coinbase CEO Is Taking On the SEC
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163 - What SEC Commissioner Hester Peirce Thinks About the SEC
Hester Peirce is one of five SEC Commissioners. She's been a Commissioner since 2018, with her term ending in 2025. Peirce, a previous podcast guest of Bankless, consistently makes first principles statements and is known to often dissent for her colleagues on crypto-related actions…we talk about that in today’s episode. These are a couple of many reasons why we enjoy her and her guidance so much.
------ ✨ DEBRIEF | Unpacking the episode: https://shows.banklesshq.com/p/debrief-hester-peirce ------ ✨ COLLECTIBLES | Collect this episode: https://collectibles.bankless.com/mint
------ We’re three months into 2023 in one of the worst regulatory environments we’ve seen for crypto in the United States. In today’s episode, SEC Commissioner, Hester Peirce shares some insight on what crypto could be like if we had a first principles SEC, what a security is and how we can define it, and how can crypto take its share of the responsibility to move this industry forward.
Commissioner Peirce was on the show two years ago…Apr 12, 2021. Today’s second appearance is one you do not want to miss.
------ 🚀 JOIN BANKLESS PREMIUM: https://www.bankless.com/join
------ BANKLESS SPONSOR TOOLS:
⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum
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👻 PHANTOM | #1 SOLANA WALLET https://bankless.cc/phantom-waitlist
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------ Topics Covered
0:00 Intro 8:25 Thoughts on Bank Crisis 9:30 Why We Need the SEC 11:40 Information Asymmetries 13:20 Healthy Crypto/SEC Relationship 17:15 SEC Security Definition 20:52 Security Catch-22 25:40 Expanding Jurisdiction 28:35 SEC Advocation 35:03 Dissent SEC Sway 39:36 Kraken Staking 43:36 Guidance vs. Enforcement 46:15 Stablecoin Status 47:43 What Crypto Could Be Doing Better? 51:12 Decentralization 53:49 Self-Regulation 55:24 Duke Speech 57:59 Closing
------ Resources:
Hester Peirce https://twitter.com/HesterPeirce
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Commissioner Peirce on the SEC’s ‘unimaginative’ approach to regulation
SEC Commissioner Hester Peirce opposes her agency's recent targeting of Kraken's staking program in the US.
"If investor protection is about just shutting programs down or preventing people from purchasing certain things — that's a very unimaginative form of investor protection," Commissioner Peirce said.
In this episode, Commissioner Hester Peirce discusses how the SEC's recent enforcement action towards Kraken is emblematic of the agency's broader attempt to regulate the crypto industry in the US through enforcement actions.
This episode is brought to you by our sponsors Circle, Railgun, Flare Network, NordVPN
About Circle
Circle is a global financial technology company helping money move at internet speed. Our mission is to raise global economic prosperity through the frictionless exchange of value. Visit Circle.com to learn more.
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Will Regulation Kill Crypto? | Jay Clayton
On today's episode of Empire, Jay Clayton, former-SEC Chairman, joins Santiago and Jason in a discussion about the merits of crypto and how regulation threatens its freedom. Giving a special perspective as a former head of the epitome of traditional finances, Jay Clayton talks about his journey in embracing crypto, how enforcement could affect it, and what he sees for its future in the markets.
--
ParaSwap:
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---
Empire is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, subscribe to Blockworks' free daily newsletter: https://blockworks.co/newsletter/
Follow me and Santiago on Twitter, @JasonYanowitz and @santiagoroel; let us know what you thought of the show!
Subscribe to the podcast on Spotify: https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq?si=41bc452345b649f9
Subscribe to the podcast on Apple: https://apple.co/3srZf7M
--
Timestamps:
(00:00) Introduction
(01:52) Stabalizing Markets
(05:25) Decentralized Market Operations
(12:55) Embracing Crypto
(14:32) The Tradeoffs
(18:44) The Real Opportunity
(27:14) Paraswap Ad
(28:02) Bitcoin ETF
(31:44) Enforcement
(35:44) Biden's Executive Order
(39:52) Stablecoins
(43:32) Final Thoughts
--
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
60 - The SEC and DeFi | Hester Peirce
Bankless Fan and SEC Commissioner Hester Peirce comes on the podcast to discuss tokens, DeFi, 'self-driving banks,' and regulation.
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------ Bankless Podcast #60 - SEC & DeFi Guest: Hester Peirce
Hester Peirce is one of five SEC Commissioners and has been a knowledgable advocate for crypto as the world works out how to regulate the budding industry. The main goals of the Security & Exchange Commission are threefold – to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC governs far more than crypto, but increasing attention is coming to the space as capital gravitates into it.
Regulating crypto begins with officially establishing the asset class, e.g. currencies, capital assets, commodities, equities, et al. The next step is giving these assets legitimacy in existing financial institutions through exchange-traded products like a Bitcoin ETF.
Below the base money layer, there exists Layer 0, the social layer. Layer 0 must be willing to officially play ball with the cryptoeconomy, and that's what makes regulators like Hester so important. The net optimization of these layers makes for an unequivocally better society: a more inclusive, equitable, and efficient one.
Hester believes in governing principles, not specific technologies. It's important here to remember the three main goals of the SEC. The value propositions of crypto – providing a permissionless, trustless, and verifiable means to transact – are in accord with the values of a free state. The role of government is to encourage and protect mutually beneficial, voluntary engagement among citizens.
Although the harmony between crypto's core values and those of a free state are readily apparent to a seasoned Bankless listener, the rest of Layer 0 must still be convinced. Crypto is a frontier with infinite possibilities, and effectively regulating such an ecosystem is a massive task. However, based on this conversation, there seem to be many reasons to be optimistic about the future of Crypto & DeFi regulation.
------ Resources:
🚀 Atomic Trading 🚀 https://www.sec.gov/news/speech/peirce-atomic-trading-2021-02-22
Get Ready For Self-Driving Banks https://www.ft.com/content/c1caca5b-01f7-41be-85a4-3ecb883f2417
Gary Gensler MIT Crypto Course https://youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn
Hester on Twitter: https://twitter.com/HesterPeirce?s=20
------ This Week on Bankless:
🧢 Weekly Action Recap (4/10): https://newsletter.banklesshq.com/p/the-coinbase-tsunami-weekly-recap 🗞️ Weekly Rollup (4/9): https://shows.banklesshq.com/p/-rollup-coinbase-ipo-fei-protocol 🏴 dYdX & StarkWare (4/6): https://shows.banklesshq.com/p/sotn-41-scaling-defi-with-dydx-and ⚒️ How to Crypto Tax (4/6): https://newsletter.banklesshq.com/p/how-to-do-crypto-taxes-for-the-lazy
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Do your own research.
Disclaimer: The views expressed in the episode are those of Hester Peirce, not the SEC nor any of her fellow commissioners.
Disclosure: From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
E1136: SEC Commissioner Hester Peirce on evolving accreditation laws, SPACs, importance of capital markets in wealth creation, spotting fraud & more
FOLLOW Hester: https://twitter.com/HesterPeirce
FOLLOW Jason: https://linktr.ee/calacanis
SEC Commissioner Hester Peirce on BitMEX, DeFi and a Token Safe Harbor - Ep.194
Hester Peirce, AKA “Crypto Mom,” was just confirmed to a second term as SEC Commissioner of the Securities Exchange Commission in August. In this episode, she talks about:
the reasons for her dissent in the Unikrn Settlement and what she believes would have been a proper penalty
the current status of her token safe harbor proposal
her thoughts on fair launch projects as opposed to traditional VC-backed tokens
her view on how the SEC should view airdrops
her thoughts on whether existing securities laws could be tweaked as opposed to implementing a safe harbor
whether she thinks DeFi governance tokens should be considered securities
her thoughts on DeFi playing its own regulatory role
her thoughts on the Securities Clarity Act introduced in Congress
the chances of a Bitcoin ETF being approved by the SEC in the future
the charges against BitMEX and the effect it may have on the industry in general
stablecoins, and how they might raise securities issues
and whether she thinks that all securities could one day be tokenized
Thank you to our sponsor!
Crypto.com: https://www.crypto.com
Episode links:
Hester Peirce: https://twitter.com/HesterPeirce
SEC: https://www.sec.gov
Her dissent on the Unikrn settelement: https://www.sec.gov/news/public-statement/peirce-statement-settlement-charging-token-issuer
Unconfirmed interview on her safe harbor proposal: https://unchainedpodcast.com/sec-commissioner-hester-peirce-on-her-safe-harbor-proposal/
Her token safe harbor proposal: https://www.sec.gov/news/speech/peirce-remarks-blockress-2020-02-06
Unchained interview with Cmr. Peirce: https://unchainedpodcast.com/sec-commissioner-hester-peirce-come-talk-to-the-sec/
Proposal in The Block on ways to amend existing securities law instead of issuing a token safe harbor: https://www.theblockcrypto.com/post/57207/case-for-reg-a-response-commissioner-peirce-sec-token
Is UNI a security: https://www.theblockcrypto.com/post/78231/uniswap-token-security-debate
FCA banning crypto derivatives and ETNs: https://www.coindesk.com/fca-bans-sale-of-cryptoderivatives-to-retail-consumers-in-uk
https://www.theblockcrypto.com/post/79911/uk-regulator-fca-bans-crypto-derivatives-retail-users
Securities Clarity Act: https://www.theblockcrypto.com/post/78231/uniswap-token-security-debate
Statement on ATS’s: https://www.sec.gov/divisions/marketreg/mr-noaction/2020/finra-ats-role-in-settlement-of-digital-asset-security-trades-09252020.pdf
SEC chairman Jay Clayton says all stocks could be tokenized: https://www.theblockcrypto.com/post/79783/all-stocks-tokenized-sec-chairman-clayton
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SEC Commissioner Hester Peirce on Why You Shouldn't Have to Be Rich to Get Rich - Ep.113
In a fireside chat I moderated with SEC Commissioner Hester Peirce held by the Blockchain Digital Asset Forum, in conjunction with the NYU Stern Executive MBA program, on March 26, 2019, she explained where her reputation as 'Crypto Mom' comes from — a desire to look at the world with fresh eyes and say, are there things we can do things better? We also discussed a Bitcoin ETF and the prospects for one after Bitwise released a report showing a health legitimate market, as well as initial coin offerings and what will happen to the hundreds of ICO issuers that had initial coin offerings that look much like the ICOs that have already had enforcement actions against them. She described the process that occurs when something like an application for a Bitcoin ETF is submitted to the SEC, whether or not there's a lot of disagreement amongst the commissioners about how to regulate crypto, how much they work to persuade each other to come over to their side and whether Chairman Jay Clayton's opinion overrules everyone else's or whether majority rules. Plus, we covered dexes, stablecoins and security tokens.
View the full show notes on my Forbes page: http://www.forbes.com/sites/laurashin/2019/04/02/sec-commissioner-hester-peirce-on-why-you-shouldnt-have-to-be-rich-to-get-rich/
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Episode links:
SEC Commissioner Hester Peirce: https://twitter.com/HesterPeirce
SEC: https://www.sec.gov
Event link: https://www.eventbrite.com/e/fireside-chat-with-sec-commissioner-hester-peirce-and-laura-shin-tickets-58327939437
Hester's dissent to the Bitcoin ETF disapproval: https://www.sec.gov/news/public-statement/peirce-dissent-34-83723
Bitwise's report: https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca201901-5164833-183434.pdf
SEC enforcement action against Munchee: https://www.sec.gov/litigation/admin/2017/33-10445.pdf
SEC enforcement action against Paragon: https://www.sec.gov/litigation/admin/2018/33-10574.pdf
SEC enforcement action against Airfox: https://www.sec.gov/litigation/admin/2018/33-10575.pdf
SEC enforcement action against Gladius: https://www.sec.gov/litigation/admin/2019/33-10608.pdf
Speech by William Hinman, SEC director of the Division of Corporate Finance, on ether not being a security: https://www.sec.gov/news/speech/speech-hinman-061418
Token Taxonomy Act: https://www.congress.gov/bill/115th-congress/house-bill/7356
Unchained episode with CZ: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/
SEC enforcement action against Zachary Coburn of EtherDelta: https://www.sec.gov/litigation/admin/2018/34-84553.pdf
DTC report on blockchains for securities: http://www.dtcc.com/news/2019/march/13/dtcc-outlines-guiding-principles-for-post-trade-processing-of-tokenized-securities
Thank you to Lawson Baker at TokenSoft (disclosure: a previous sponsor) for helping me think through some of the issues for this episode.
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