Foley & Lardner LLP Partner Patrick Daugherty is quoted in the Blockworks article, “Crypto Industry Eyes SEC’s ‘Regulation by Enforcement’ Ramp Up,” discussing the Securities and Exchange Commission’s (SEC) attempts to expand its authority over the crypto industry amid regulatory uncertainty.
The SEC recently charged 11 people for allegedly creating and promoting a fraudulent crypto pyramid and Ponzi scheme, Forsage, stating that investors earned profits by recruiting others.
Looking ahead, Daugherty suggested that the SEC will continue to crack down on fraudsters in the crypto space. “Fraud cases are easy cases. I expect the SEC to bring easy cases to chalk up easy wins,” said Daugherty.