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Search results DeFi Markets More Search results btc $65110 3.93% eth $3479 3.38% bnb $578.9 2.80% sol $160.6 3.73% xrp $0.6087 12.58% steth $3478 3.41% ton $7.29 -1.14% doge $0.1252 4.21% ada $0.4464 4.17% trx $0.1346 1.30% btc $65110 3.93% eth $3479 3.38% bnb $578.9 2.80% sol $160.6 3.73% xrp $0.6087 12.58% steth $3478 3.41% ton $7.29 -1.14% doge $0.1252 4.21% ada $0.4464 4.17% trx $0.1346 1.30% DEXs Vol $7.52 B2.20% DeFi TVL $99.5 B1.20% LidoTVL $34.05 B3.12% EigenLayerTVL $15.96 B2.25% AAVETVL $13.36 B3.20% MakerTVL $8.12 B2.23% ether.fiTVL $7.4 B3.57% Regulation THE SEC IS NOW GOING AFTER CRYPTO VCS, SAYS BLOCKTOWER CAPITAL FOUNDER Regulation The probes would mark the latest escalation in SEC Chair Gary Gensler's crackdown on crypto. Credit: Shutterstock HomeRegulationThe SEC is now going after crypto VCs, says BlockTower Capital founder By Tim Craig 4 July 2024 at 13:26 Share Copy link * BlockTower's Ari Paul proffered a provocative commentary on the Unchained podcast. * SEC action against VCs would mean the agency was broadening its crackdown on crypto. The US Securities and Exchange Commission is targeting crypto venture capital firms in a slew of new investigations, according to one institutional investor. Speaking on the Unchained podcast on Wednesday, Ari Paul, the chief investment officer of BlockTower Capital, said the SEC has launched a “bunch of investigations into VCs for acting as unregistered securities dealers.” The discounted token deals that some VCs ink with crypto projects puts them in violation of the regulator’s strict securities laws, Paul said. LATEST ESCALATION The development would mark the latest escalation in the SEC’s crackdown on the digital assets industry. Stay ahead of the game with our weekly newsletters Subscribe Under its hard charging chair, Gary Gensler, the agency has slapped Coinbase, Kraken, and Binance with lawsuits alleging they are unlawfully offering unregistered securities to investors. The agency has also taken aim at various DeFi apps it claims are running afoul of longstanding US securities laws. “The SEC does not comment on the existence or nonexistence of a possible investigation,” an SEC spokesperson told DL News. Avi Eisenberg is fighting for the $14m he lost on Waves from his jail cell Convicted crypto trader Avraham Eisenberg is in jail while...Convicted crypto trader Avraham Eisenberg is in jail while awaiting sentencing later this month for his $115 million exploit of... On the podcast, Paul proffered a hypothetical situation to illustrate how some VCs may be violating securities laws. Join the community to get our latest stories and updates Before a crypto project launches a token, its team often makes deals with market makers or venture firms. In these deals, the crypto project promises to sell the VC tokens at a large discount to where they expect them to trade in the future. In exchange, the VC is expected to promote the token. “That is hiring the VC as a marketer,” said Paul, a former derivatives trader and portfolio manager at the University of Chicago. “That is acting as a securities dealer. And from an ethical perspective, you’re acting as a pump-and-dumper very explicitly.” SEC BATTLE For the last three years, the SEC has argued that cryptocurrencies fall under the authority of the Great Depression-era laws that govern stocks and bonds. The crypto industry has pushed back, contending that digital assets are so novel they should be regulated by new statutes and rules. Even as final judgment on the debate is still pending ongoing litigation, the agency is broadening its clampdown on the industry. In May, Robinhood, an online discount brokerage, received a notice from the SEC indicating it faced a potential lawsuit for violating securities laws in its crypto business. Those building DeFi apps haven’t escaped SEC action, either. On June 28, the SEC charged Consensys for the unregistered sales of securities through its MetaMask staking service. Consensys denies the allegations. Also in May, the SEC asserted that DeFi exchange Uniswap is an unregistered securities exchange controlled by Uniswap Labs. Editor’s note: This article was updated to include comment from the SEC. Tim Craig is a DeFi Correspondent at DL News. Got a tip? Email him at tim@dlnews.com. Related Topics SECURITIES AND EXCHANGE COMMISSION (SEC)VC You may also like Markets SEC greenlights Ethereum ETFs — but consumers will have to wait to buy them Thomas Carreras 23 May 2024 Regulation US House passes sweeping crypto FIT21 bill I. Preiss, A. Gilbert 22 May 2024 Markets Ethereum co-founder on why the ETFs will create a supply crunch T. Carreras, L. Kelly 21 May 2024 Newsletters Stay ahead of the game with our weekly newsletters * Insights and expert analysis * What's coming next in crypto * DeFi trends that matter Subscribe Related articles Regulation SEC sues Consensys over MetaMask wallet and for selling ‘unregistered securities’ for Lido, Rocket Pool Ben Weiss 28 June 2024 Regulation How Gary Gensler’s SEC is besting crypto companies in the courts Joanna Wright 24 June 2024 Regulation Crypto cheered FIT21 — here’s why the industry is now ready to fight over details in the bill Aleks Gilbert 12 June 2024 Snapshot Issued an airdrop? Expect the feds to knock on your door — eventually Thomas Carreras 7 June 2024 1270 readers subscribed in the past week Get key insights in weekly newsletters Subscribe Dismiss popup COOKIES ARE GOOD FOR US 🍪 AcceptPreferences DL News uses cookies to help our readers access the site, and to support our journalism. We store information from cookies about page visits, online interactions, and IP addresses to allow you to read our work, and to help us analyse and improve the site. We do not accept advertising, and we will never sell your information to a third party. When you accept cookies, you’re helping keep DL News ad-free. Read more in our privacy and cookie policy. By clicking 'accept all cookies', you agree to the storing of cookies on your device to enhance site navigation, analyze site usage and assist in our marketing efforts. See our Cookie Policy for more information. Marketing cookies These cookies track your online activity to help us deliver more relevant content. 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