The SEC has decided to take on half the crypto industry at once. That could be a fatal error given the industry’s combined legal firepower.
The U.S. Securities and Exchange Commissions legal battles against cryptocurrency firms, once likened to David versus Goliath, now resemble Godzilla versus King Kong, given the industrys growth to a $2.5-trillion market.
With the SEC continuing to open up new fronts in its war on crypto, some are now wondering if it has spread itself too thin and has the legal resources needed to fight so many court cases at once against the industrys largest players.
The fact that these [enforcement actions against crypto firms] are all going on at one time is very significant and absolutely puts a strain on the agency, says Scott Mascianica, partner and head of government investigations and regulatory enforcement at Hilgers Graben law firm.
