TURNING POINT

As a ruling on summary judgment in the SEC v. Ripple case could happen any day, and the SEC is doubling down on regulation by enforcement against the entire digital asset community, we are at a legal turning point for digital asset holders, project developers and crypto companies in the United States. Innovation itself is at stake.

Against this backdrop, the political allies of SEC Chairman Gary Gensler have seized every opportunity available to support his War on Crypto. Senator Elizabeth Warren (D-MA) and state officials in New York jumped into the recent failures of SVB and Signature Bank to spread a clear anti-crypto message that appears designed to exploit these unrelated bank failures to de-bank digital asset holders and developers.

But the War on Crypto is starting to hit strong resistance not only from our community, but from federal judges. Federal bankruptcy Judge Michael Wiles delivered a slashing rebuke to the SEC in court in the Voyager case, blasting them for implying some digital assets are securities they might regulate, without pointing to any evidence or even clear agreement among regulators about what the rules are. This follows rising criticism and pushback from judges against the SEC that we've seen in the Ripple case, the LBRY case and the Grayscale lawsuit. It also comes at a time when the Supreme Court has called out federal agencies for coming after people without providing fair notice of what the rules were that they allegedly had violated. These are all key issues for the future of crypto in this country.

At this turning point, will the judges uphold the law against regulation by enforcement?

Our host and founder John Deaton discussed this and more with Eleanor Terret, a producer and journalist for Fox Business. (Follow her at @EleanorTerret on Twitter.)

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