The fall of FTX at the end of 2022 and Sam Bankman-Fried’s ensuing trial throughout 2022 left many doubting the future legitimacy of decentralized finance and cryptocurrency. Yet while there are still many crypto enthusiasts and users, mainstream attention towards this industry has focused on the increasing enforcement actions against DeFi platforms and exchanges by regulatory agencies, particularly from the Securities and Exchange Commission. In 2023, the SEC’s Division of Enforcement brought numerous actions against crypto asset lending and staking services. Particularly notable examples such as Binance, Kraken, and Coinbase alleged that the organizations operated as unregistered national securities, exchanged brokers, and clearing agencies. There were additionally hundreds of millions of dollars’ worth of charges for fraud and misappropriation of funds. Yet these enforcement actions received pushback from U.S. lawmakers and private entities, pushing back against its “regulation by enforcement” approach towards crypto, rather than an established legal framework for organizations to reference for compliance. In the face of lowered consumer faith, increasing enforcement actions, and governance tensions, this course taught by our subject matter experts and practitioners will be an essential resource for attorneys advising actors in the DeFi space or looking to better understand the industry. 

In this seminar, our expert panelists begin with a discussion of the state of cryptocurrency and what developments 2023 has brought. Next, the panelists discuss the enforcement stance adopted by the SEC in the past year and analyze its enforcement actions against cryptocurrency players in 2023, unraveling the complexities of key cases to provide attendees with a nuanced perspective on the legal challenges faced by the industry. The speakers then review the new bipartisan bill introduced by the Senate with the goal of regulating decentralized finance protocols, addressing critical issues that have emerged in this rapidly evolving sector. Finally, the panelists share their key takeaways from 2023 and their expectations going into 2024. 

This course is brought to you by the Global Cyber Institute and Thomson Reuters and is nationally accredited.