Matt Levine’s Money Stuff: The SEC Has Its Eye on Crypto

Gensler v. crypto

The U.S. Securities and Exchange Commission is not in the general investor-protection business. If someone comes to you and offers you a can’t-lose opportunity to buy Florida swampland, and it turns out they’re lying, the SEC will not get involved. If they sell you fake gold coins or forged Picassos, the SEC will not get involved. If they lie to you in the course of selling you complicated commodity futures contracts, the SEC will not get involved. (The Commodity Futures Trading Commission will.) The SEC is in the business of protecting investors in securities. If someone comes to ...