Regulation by enforcement takes center stage again for the US SEC
July 26, 2022
On Thursday, July 21, 2022, the US Attorney's Office for the Southern District of New York charged a former cryptocurrency exchange (the Exchange) product manager for allegedly tipping off his brother and friend with material, non-public information in advance of the Exchange's listing announcements of certain digital assets (see our analysis of the indictment). The same day, the Securities and Exchange Commission (the SEC) also decided to throw its hat in the ring in another stark example of the SEC's "regulation by enforcement."