Unchained - Unconfirmed: People Expected a Big SEC Enforcement Action This Week. What Happened? Days - Ep.277

Starting point is 00:00:04 Hi, everyone. Welcome to Unconfirmed. The show that reveals how the marking names in crypto are reacting to the week's top headlines and gets the insight scoop on what they see on the horizon. I'm your host, Laura Shin, a journalist with over two decades of experience. I started covering crypto six years ago, and as the senior editor at Forbes was the first mainstream media reporter to cover cryptocurrency full-time. This is the October 1st episode of Unconfirmed. The Crypto.com app pays you up to 8.5% interest on your Bitcoin. Get $25 when you download the Crypto, dot com app with code Laura. The link is in the description. Looking for NFTs that are useful and fun, try So Rare, the largest NFT-based fantasy game. You can collect, trade, and compete with officially licensed digital cards of soccer players from over 160 clubs on So Rare. That's S-O-R-A-R-E.com.

Starting point is 00:00:56 Wish you could earn crypto but don't want to spend thousands on hardware? Just download the Nodal Cash app on your smartphone. Visit Nodal.com. That's NODLE.com to start earning Nodal Cash today. Today's guest is Stephen Pally, partner at Anderson Kill. Welcome, Stephen. Hi, how are you, Laura? Great. Nice to have you.

Starting point is 00:01:19 So there was some regulatory news this week, but I think many of us were expecting bigger enforcement actions from the SEC and or CFTC than the ones that we actually saw. So why do you think we didn't get any big enforcement actions? Well, I don't have regulatory telepathy, so I can't see into any of those agencies, of course. I can tell you that investigations, they take a particular, what's the word that I'm looking for, they have a particular trajectory. So you start with something called a matter under inquiry or a mooy, where the SEC basically asks some questions to figure out if there's a potential violation.

Starting point is 00:01:59 That then moves into an investigation. An investigation can take a couple of years sometimes. We saw that, for example, in the Ripple case, where it's clear that for years before the lawsuit, the SEC was undertaking confidential non-public investigation of Ripple. So it may be that the cases that the SEC may or may not be investigating in the, I think, perhaps in the DFI space or related to yield products, they may just be an early stage and the commission may not be ready to make decisions and to bring charges. It's also certainly possible that cases where there were sort of graver harms where there were fraud-related issues as opposed to failure to register issues took precedence.

Starting point is 00:02:48 That's all speculation on my part, but those are some of the thoughts that I have on that. Well, at this moment in time, certainly I think the space really is watching what's happening at the SEC. And from various statements that Chair Gensler has made, it seems he's quite eager to regulate the space. What areas do you see him or the SEC in general particularly wanting to target? I think that they are likely to follow the lead of or follow a path that state regulators have taken. I'm speaking specifically of BlockFi and looking at yield-related products. I think that's one approach. I think they're also trying to really wrap their heads around and understand Defi.

Starting point is 00:03:34 And the challenge in that area is that they are, in doing so, applying circa 1930s rules to technology that doesn't really neatly fit the descriptions, things like in exchange, for example, or security. and perhaps don't actually neatly align, those efforts might not neatly align with the policy sentiment or purpose behind the enactment of those statutes in 1933, 1934, and 1940 post the Great Depression. But I think that's what we're going to be looking at. We're going to be looking at the SEC and other agencies evaluating new types of financial technology and figuring out if they fit within current statutory and regulatory rubrics. Yeah, I did see an interview that former chair Chris Giancarlo did with CoinDesk, where he did say he felt that there needed to be new regulations and that the old ones don't really apply here. So I actually have a few more questions for you about that. But in a moment, I want to cover first the crypto lending issue because we also saw that Coinbase talked about how they had. sought out permission to launch a yield product called CoinBaseland. And the SEC said, if you do,

Starting point is 00:04:56 we're going to sue you. And then also, in addition to Blockfight, there's also state regulators going after Celsius. And I did see that, so the Coinbase land product involved USDC, the stable coin. And Frank Chaparro on CNBC said that there might be concerned that USDC itself is a security since it's not one-to-one to cash, but back to my multiple assets. And I was just curious, kind of what your take was on the theory around what happened with Coinbase Lend and, you know, if you had any thoughts on the USC theory. Well, I mean, what happened with Coinbase Lend is the founder went on, you know, rampage on Twitter, attacked the SEC, called them sketchy because they got sent, you know,

Starting point is 00:05:43 They got sent a Wells letter, basically a letter saying, tell us why we shouldn't sue you for violating securities laws. I don't think that Wells letter was ever made public, so we don't actually know what the full investigation was of. Those things usually come at the end of a non-public investigation. So I think in the end, you know, they must have decided that they didn't want to spend two or three years in litigation with the SEC. Maybe it wasn't in the best interest of the company's shareholders.

Starting point is 00:06:12 and so they dropped it. I have heard talk of certain stable coins. So stable coins that are not fully reserved, and there are some that are fully reserved with dollars in bank accounts, I have heard talk that some of those things may be under close scrutiny by the SEC as securities. And I wouldn't be surprised if we saw some activity in that space. I think that's actually quite good news.

Starting point is 00:06:42 stable coins that are fully backed and that are transparent about their backing. Okay. So maybe Frank's theory is a good one. And so that could be quite interesting to watch play out because obviously those businesses are doing that for their own business models to make that something that is worth them spending time on. I think in fairness to, I don't want to say necessarily in fairness to the SEC, But I think some products that exist are easy to fit into an existing rubric.

Starting point is 00:07:18 So a stable coin that is not fully backed that has an unclear backing might be something that we can understand why there might be scrutiny of that and why that might, in the views of state or federal regulators, be a security. Same as so, perhaps, of certain yield products. I think the problem is when you get into more esoteric areas, more decentralized products, when you move away from the blockfies and the Celsius and the Coinbases to fully decentralized protocols where you don't have a centralized order book or you basically have matching by an algorithm, those areas, perhaps some of the older securities regulations and laws don't make the same kind of sense. The technology is just is different. I don't know if I agree with John Carlo that that means we need more regulation.

Starting point is 00:08:12 Maybe, and call me crazy, maybe we need less regulation in certain areas. Or maybe we can rely on existing laws about fraud or misrepresentation. Maybe there are things that don't and should not fall within the rubric or within the scope of traditional securities and commodities regulators because they're really not those things. That's sort of my thinking on that. And wait, and I'm sorry, when you say that, you mean for the decentralized versions or for even the centralized ones? I'm less skeptical of regulation of centralized platforms using existing rules because they do maintain things like centralized order books. They are doing things like aggregating customer capital, reinvesting it somewhere else, making money on the spread between their investment return and what the consumer.

Starting point is 00:09:08 Sumer gets. Maybe that's fair game. I would say decentralized protocols where there is not a centralized company, you don't have a public company, you don't have a centralized order book, you're using an automatic market maker algorithm, you're using liquidity pools. I'm perhaps a little bit more skeptical about the application of conventional existing securities laws to those things. I'm just not sure that not only did they not fit those statutory regulatory frameworks. I'm not sure if you went back to Congress in 1932 and described this stuff that they would feel that it was really within their ambit. So I'm skeptical of extending securities or commodities regulators' power to regulate purely peer-to-peer transactions that are facilitated using algorithms that exist on the blockchain. Why should that be within Gary Gensler's scope?

Starting point is 00:10:07 Okay. Well, you know, he did write a letter to Senator Elizabeth Warren basically saying that he probably does need more regulatory power to go after such things. But I'm going to ask you about that in a second. But first, a quick word from the sponsors who make this show possible. Do you love sports collectibles or fantasy sports? So Rare is blending this together to create an entirely new gaming experience powered by its community. So Rare cards are officially licensed NFTs from over 160 clubs, including Real Madrid, Paris Saint-Germon, and Liverpool, and built on Ethereum. You truly own your collectibles.

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Starting point is 00:11:31 Back to my conversation with Stephen Pally. So speaking about what jurisdiction the SEC really does have here, as we mentioned, Chair Gensler did kind of request more power. And I just wondered, like, do you think at this moment the SEC does have all the power it would like to have to regulate the space or no? He wants much broader power. So I don't think he feels that the SEC necessarily has the power that it needs. needs to regulate Defi, for example.

Starting point is 00:12:05 But I'm not sure why software creators, people who are making platforms that allow individuals to transact with each other on a one-to-one basis using software, I'm not sure why the SEC should be involved in that. And it is galling, I think, to many, to see very wealthy former Goldman Sachs banker sending letters to a very wealthy senator talking about consumer protection. That consumer protection recently prevented U.S. persons from being part of a major air drop, basically free money. So I am all for regulators countering and battling fraud.

Starting point is 00:12:51 I'm all for companies that are centralized or platforms that operate order books being within the scope and ambit of those circa 1930s laws, I think it's questionable whether they should apply to decentralized finance when it truly is decentralized. And I think that it's actually contrary to the consumer protection purpose that was behind these protocols to prevent consumers from, you know, transacting on a peer-to-peer basis, using liquidity pools, using algorithms, perhaps it's crazy, but perhaps there are parts of our financial world that we don't need regulators to be involved in. And that's all the more so when you're using platforms that have where transactions can be seen on the blockchain and where code

Starting point is 00:13:45 is available on GitHub, which is certainly not true for, I won't name them, but any of the large banks or financial institutions in this country. So I just want to give some context to listeners because as I'm listening to you speak about this, what's remarkable to me is that you're sort of kind of, I would say, one of the lawyers who were more skeptical or in the past have been more skeptical of things like ICOs and of tokens that different projects wanted to launch. And when I say that, you know, they were saying that they wanted them to be decentralized. And so I'm just curious to know kind of what is different for you between those projects in the past that we're skeptical of during the

Starting point is 00:14:29 ICO craze versus like the defy space now? I'm still not a fan of centralized ICOs token sales, right? And if you want to do something like that, you need to comply with existing securities laws. I'm also not suggesting that anyone should break the law. My arguments are more directed towards policy and they're more sort of a normative of evaluation of policy and what the law should be than what the law actually is. And I was around practicing in 2016 and 17, and I did live through the ICA craze. And most of those projects were about self-enrichment of a small group of people. I don't think that that is what the significant

Starting point is 00:15:11 defy platforms of protocols are about. So I'm not opposed to innovation, right, in and of itself, when it's useful, and I can see that our securities laws and our commodities laws maybe don't need to be stretched further than they already are. They work just fine in responding to ICOs. You could make the argument that in some cases, enforcement actions may have hurt consumers or hurt purchases. I know, well, anyone who knows me or has seen me right about this on Twitter or elsewhere, I'm not necessarily a fan of ripple or of XRP. I think that is a project that, for the most part, benefited a small group, which is why there are a control person claims or individuals were named in that lawsuit.

Starting point is 00:16:03 However, there is a point to be made that if you shut something like that down or a failure to register claim, you will hurt individual consumers. And if the purpose is to prevent people in the market for being hurt, I think that think that you have to balance that against, you know, the purported harm or violation. Okay. So going back to the DFI space, you know, as we've been discussing, it's quite apparent that SEC is eager to regulate the space in a way that is kind of more similar to the way the traditional financial world is in that it wants to go after intermediaries. And obviously Defi protocols are trying to replace intermediaries with software.

Starting point is 00:16:49 But I'm sure you're aware a lot of people on the outside look at Defi and say, oh, these developers just want to avoid regulation and that's why they're doing this. So what's your take on that? If you have regulation that applies to intermediaries, right, and that exists in order to regulate intermediaries, if you can create a system that doesn't require intermediaries, why should you still need that regulation. Now, there are certainly people in Defi who are out to get rich and are only in it for the money. But Sina, if you look at something like, if you look at an automatic market maker function, when it is, and I'm not going to name any, I'm not going to call it any projects by name,

Starting point is 00:17:34 but that functionality, those algorithms are very, very different than the sort of centralized order book or order matching that you had, for example, in the Ether Delta case, which you probably recall from a couple of years ago, which was supposedly a decentralized exchange, but it really was not. So I think, you know, if something is different, it should be treated differently. So, I mean, without, I mean, what we can name, I think, different examples here, because for a lot of these places, the companies that built the protocol then also did build a front end. And so, you know, In that sense, do you think they truly still are decentralized? Well, I mean, that's an argument that I think the SEC is going to contend with.

Starting point is 00:18:23 And, you know, there are certainly some companies that have done that, but there are also, you know, groups of decentralized developers who are loosely organized who have done this. And it is possible to exit. Here's another way to think about it. I don't think that anybody would argue that a protocol in and of itself, on the blockchain is an exchange, right? It doesn't, it doesn't fit by its terms within the definition of an exchange in the Exchange Act. It's not a, it's not a marketplace. It's not a, it's not a location where people come together, uh, to trade. Uh, but you can, let's step one

Starting point is 00:19:04 step away. You can use something like, um, ether scan to interact with those protocols. I don't think there's any argument that ether scan is in exchange. You can also, these protocols are also available. Anybody can build a front end. So I guess the question is, if you have a front end that simply provides functionality and allows access to what is truly a decentralized protocol, then no single person has control over, how is that an exchange? Is a website really in exchange? Is that really what Congress meant in 1934? I'm on the fence about that. I can see, but I think there's a strong argument that it is not. And we need to come to terms with the fact that technology is different. And with different technology, we need different rules. I'm fully in favor of

Starting point is 00:19:54 anti-fraud power and enforcement actions that target fraud. I also, I've come around to Commissioner Hester Persis' safe harbor, I think if you have a disclosure regime and the commission has strong anti-fraud enforcement authority, maybe that gets you where you need to go without imposing a regulatory regime on technology that doesn't fit it. Okay. So, yeah, I mean, it sounds like, you know, obviously the fraud piece I think is necessary, but maybe some, there needs to be, I guess, like some definition or some bar

Starting point is 00:20:37 that projects need to clear in order to be thought of as decentralized. And that would kind of... Sure. Yeah. Okay, so we're going to have to see what happens with that. But last question for you, how would you say the SEC's stance is affecting how developers are working in the space? Do you see them leaving the U.S.?

Starting point is 00:20:54 or are they just trying to develop their projects here in a certain way? or, you know, I don't know what else. That's a really great question. I mean, I think you will see people leaving the U.S. or going Satoshi, right? Basically being totally anonymous. This is kind of funny, but I've had potential clients recently in the space reach out to me, and they don't want to give me their name. Nobody else knows their name.

Starting point is 00:21:22 And, you know, it's problematic. Like, basically my response is, listen, in order to represent you, I do have to know your name. I'm going to need an address in a phone number. And, you know, it's, I can't disclose that. I lose my law license if I did that. But I think there is a genuine interest in full decentralization. And there are some, you know, pie in the sky idealists out there who really believe in

Starting point is 00:21:47 sort of an ethos of financial freedom and full decentralization. There are also people out there who are in it for the money. But I do think to answer your question, a little bit more neatly, you're definitely seeing people thinking about leaving the U.S. Or also, you're seeing projects geo-I-P block the U.S. and block VPN, including some D-FI-I-P projects. I understand that one-inch has done that. I believe that D-Y-D-X, geo-I-P blocked the U.S. from its airdrop. So we'll see Americans losing out on opportunities.

Starting point is 00:22:22 and I just don't know that it's really the place of, you know, no offense to Congress, but octogenarians in Congress stifling innovation by imposing the wrong rules on new technology. There should be rules of the road for sure, but, you know, the life of the law is not logic. It's experience, as a juror said 120 or 130 years ago. That should be the case here, too. And we should take the experience of defy and of emerging technology, look at it for what it is and determine whether or not our existing regs actually work or if this is something that needs space to grow and breathe.

Starting point is 00:23:01 Okay. Well, we will have to see how all this plays out. Thank you so much for coming on Unconfirmed. Yes, my pleasure. Don't forget, next up is the weekly news recap. Stick around for this week in crypto after this short break. There's a new cryptocurrency made for mobile that you can earn by downloading the Nodal Cash app. It's free, easy to use.

Starting point is 00:23:22 and there's no hardware to buy. The Nodal Cash app allows you to earn crypto whether you're on the go, stuck in traffic, or even while you're sleeping. Notal Cash is the crypto you earn 24-7. Go to Nodal.com, NOD-L-E.com to get started today. Or go directly to Nodl.io slash cash. That's NODL-E.com. Thanks for tuning in to this week's news recap. First headline, Visa unveils plans for a universal Payment Channel. Visa, the multi-billion dollar payments company released a white paper on Thursday about its layer two solution, dubbed the Universal Payments Channel, or UPC, that would allow for cryptocurrency to be transferred across different blockchains. According to the white paper, Visa is explicitly planning for an interoperable multi-chain future between various CBDCs,

Starting point is 00:24:16 stable coins, and cryptocurrencies. The Payments Giant envisions its UPC technology facilitating cross-border CBDC payments, reducing settlement time for digital marketplace purchases, and enabling high throughput transactions between different digital currencies. In an interview with the block, Kai Sheffield, Visa's head of crypto, expressed optimism about Visa's plans. Quote, this is a much longer-term future-thinking concept around a way that visa could potentially help become a bridge between one digital currency on one blockchain and another digital currency on another blockchain, he said. In addition to its white paper, Visa also deployed its first smart contract to an Ethereum

Starting point is 00:24:55 TestNet. The contract acts as a payment channel that accepts both ETH and USC. Next headline. Checks it. Crypto companies leave China en masse after crypto policies tighten. Last Friday, the People's Bank of China, or PBOC, and nine other top Chinese regulators issued a new list of forbidden activities regarding cryptocurrency transactions. China's crackdown is extensive, making crypto-to-crypto-to-craids, along with crypto-to-fia trades, illegal for users. Regarding crypto companies, the PBOC now forbids banks and other financial institutions from offering services related to crypto. Chinese staff members working for overseas exchanges, like Kwobe Global, will also be investigated for their participation in the crypto markets.

Starting point is 00:25:43 Overseas crypto exchanges themselves are starting to distance themselves from China, as both Kwobe and Binance put a haul. to new registrations from Chinese users. Kwobe plans to retire existing Chinese accounts by the end of the year. Websites and other information related to virtual currencies are also beginning to be censored. For example, three of the most popular crypto data services, coin market cap, trading view, and coin gecko are now blocked in China, according to the block. Additionally, Alibaba, the Chinese e-commerce giant, plans to stop offering crypto mining equipment on its platform.

Starting point is 00:26:19 Bipmain, a crypto mining hardware firm, also announced a similar move. Most critically, Ethereum mining pools are being affected. In addition to the PBOC statement, China's state planning regulator, the National Development and Reform Commission, NDRC, reiterated its stance on cryptocurrency mining and deemed mining an outdated industry, according to CoinDesk. Shortly after Friday's statement, two of the largest five Ethereum mining poles, Sparkpool and B-Pole, decided to shut down operations. Both polls were based in China. Next headline. Huge valuations could be coming for crypto exchanges. Two crypto exchanges are in the process of raising money at multi-billion dollar valuations by the end of this year, according to a report

Starting point is 00:27:06 from the Block's Franks Chaparro. Gemini, the crypto exchange run by Cameron and Tyler Winkovoss, is in the final stages of closing a deal that would value the company at $7 billion. dollars. Binance U.S. is also looking to raise funds but is yet to find the right group of willing investors. The exit of Brian Brooks, the former federal regulator, as CEO, is a reason for investor hesitation, along with Binance CEO Changping Zhao's reluctance to give up board control. The exchange, the block reports, is looking to raise at a valuation of $3 billion. Binance U.S.'s parent company, Binance, is also eyeing a funding round. Binance, the largest crypto exchange by volume in the world, is targeting a valuation between $100 billion and $300 billion.

Starting point is 00:27:50 Coinbase's current market cap for comparison is $47.4 billion. Next headline. Compound's liquidity mining program went awry to the tune of $80 million. On Wednesday night, compound, the fifth largest defy protocol by total value locked, began erroneously paying out millions of dollars in comp tokens due to a bug in a new upgrade. unusual activity has been reported regarding the distribution of comp following the execution of Proposal 062, the protocol tweeted out on Wednesday night. Proposal 062, which went live just hours before the bug was found, intended to split comp rewards to liquidity providers and borrowers based on new governance set ratios, rather than the original 50-50 split. However, due to the bug in its controller contract,

Starting point is 00:28:40 over 168,000 comp have already been scooped up worth around $50 million as old users came in to claim outsized rewards. On Twitter, Compound Labs founder Robert Leshner explained that user funds were not at risk. Quote, all supplied assets, borrowed assets, and positions are completely unaffected. Users don't have to worry about their funds. The only risk is that you or another user receives an unfairly large quantity of comp, he wrote. According to Leshner, the impact will be bounded at 280,000 comp tokens, or roughly $80 million. Next timeline, the CFTC charges 14 crypto companies for failing to register with the regulator.

Starting point is 00:29:24 The Commodity Futures Trading Commission, or CFDC, announced charges against 14 cryptocurrency exchanges this week. The regulator alleges that 12 crypto companies fail to register as futures commission merchants, or FCMs, and that two made false or misleading claims of having seen. CFTC regulation. Today's actions reflect the CFTC's dedicated efforts to aggressively root out bad actors, falsely claiming to hold legitimate registrations and protect the trading public, said Division of Enforcement Acting Director Vincent McGonigle. Next headline.

Starting point is 00:29:58 The NFL and Dapper Labs partnership will be different. On Tuesday, the NBA TopShack creator, Dapper Labs, confirmed a report from Sports Business Journal of a partnership with the National Football League. In a match made in acronym Heaven, the NFT company will create exclusive digital video highlights for the NFL on its flow blockchain. The NFL NFT marketplace is yet to be named, but is expected to launch during the current season. Katie Tedman, Dapper's head of partnerships, told DeCrypt, the NFL is certainly a holy grill in North America, and we're super, super lucky to partner with them. According to Tedman, the NFL's marketplace will be very different from Topshot due to the NFL.

Starting point is 00:30:40 schedule and the fact that the NFL has so many more players on the field during games, allowing for more team-centric NFTs. The fifth sports-based partnership with Dapper has the NFL joining the NBA, WNBA, La Liga, and UFC. On a related note, TikTok also announced a new NFT collection that will see some of its top content creators, like Lil Nas X and Gary V, partner with famous NFT creators like coin artist and Grimes. Next headline.

Starting point is 00:31:10 Ethereum researcher Virgil Griffith pleaded guilty faces a minimum 6.5 year sentence. On Monday, Ethereum researcher Virgil Griffith pleaded guilty at the start of his trial in the Southern District of New York. The 38-year-old formally admitted to giving a talk on blockchain and cryptocurrencies to North Korea after being denied permission by the State Department in 2019, violating U.S. sanctions. For his admitted actions, Griffith was officially charged with conspiracy to violate the international emergency Economy Powers Act, according to the block. After taking a plea deal, his maximum sentence was cut down from 20 years to 6.5 years. He will be sentenced on January 18, 2022. Next headline. A $23 million transaction fee was returned to sender. On Monday, a wallet associated with the cryptocurrency exchange Biffinex pay $22.8 million in transaction fees, or $7,385.Eth, to send a

Starting point is 00:32:10 $100,000 worth of USDT. The culprit was Diversify, disclosure of former sponsor, which is a deck spun out of BitFenex that offers users access to Defi protocols without paying gas fees. Apparently, those transaction fees are paid out of one of BitFinex's wallets, as a BitFinex rep told Decrypt. Quote, this transaction was a transaction to deposit funds on the Diversify L2 solution. These transactions are extremely rare and third-party companies cover the cost of such integrations. diversify confirmed that they will take care of it.

Starting point is 00:32:44 However, the mining pool that received the fee returned the ETH back to diversify. Quote, the blockchain is immutable, but the revolution we are part of is defined by our values as humans. Thank you to the miner of Block 1330744, who we can confirm is returning 7,626 that we had incorrectly paid today as a transaction fee. The protocol tweeted in thanks. In a post-mortem, the deck's outlined ways to ensure this never happens again. Time for fun bits. Welcome to the Twitterverse. On Wednesday, Mata Affleck, Android tech leader of Twitter spaces, released a sneak peek of Twitter's Ethereum

Starting point is 00:33:27 NFT verification process. Essentially, Twitter users will be able to connect their Web3 wallets to Twitter to verifyably showcase their NFTs. In the clip Mata published, the work. workflow went as follows. One, edit avatar. Two, click select NFT. Three, connect to a wallet like Metamask. Four, choose the NFT you want to use as your avatar. And five, enjoy steering at your Ethereum checkmark. Mason Nystrom, an analyst at Mastari, described NFT verification along with Twitter tips, which allow users to tip in BTC as the first

Starting point is 00:34:04 steps in creating the Twitterverse. He noted, quote, that all of NFT verification, and Twitter is foaming at the mouth to verify and showcase their beloved avatars. He went on to add, quote, the value proposition of these status-based NFTs is greater when combined with social media. Once individuals have verified NFTs, there are groups, tiered perks, spaces, and other features that Twitter can combine to build an even greater platform, read Monopoly. As the publishing, Twitter has not announced a release date for its NFT verification feature. For now, it appears that the social media platform is focused on Ethereum-based NFTs. All right, thanks for tuning in. To learn more about Stephen and the SEC's regulation

Starting point is 00:34:47 of Defi, be sure to check out the links in the show notes. Unconfirmed is produced by me, Laura Shin, with love from Anthony Yun, Mark Murdoch, and Daniel Nuss. Thanks for listening.

Unchained - Unconfirmed: People Expected a Big SEC Enforcement Action This Week. What Happened? Days - Ep.277

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