Crypto app Abra and partner company Plutus settle charges from SEC and CFTC for $300K after allegedly facilitating unregistered security-based swap transactions
me thinks the SEC & CFTC are starting to signal they don't like DeFi. SEC: A synthetic swap is a security violation CFTC: its an illegal off-exchange swaps in digital assets and foreign currency https://www.cftc.gov/... https://www.cftc.gov/...
Abra offered investors synthetic exposure to US equities SEC slapped them with a fine This may have implications for synthetic platforms like @synthetix_io $SNX This is the familiar cex vs dex regulatory enforcement argument playing out Let's see how it evolves https://twitter.co…
Abra just settled enforcement actions with SEC & CFTC for entering illegal off-exchange swaps. Combined with the CFTC's recent “actual delivery” guidance, this is starting to look like a crackdown on crypto derivatives. SEC: https://www.sec.gov/... CFTC: https://www.cftc.gov/...
1/ BREAKING 🚨 popular crypto app Abra charged by and settles with SEC for offering securities swaps. This is interesting for a few reasons. Short thread follows. https://www.sec.gov/...
Can we agree at this point this is what SEC action looks like for crypto? Egregiousness & uncooperative entities will get the hammer. Cooperation will get a frown + fine. Govs are slow but they aren't going to “kill” innovation nor ignore cryptos increasingly geopolitical nature.…
For those working on defi apps, please read this. Architecturally this was similar to how defi apps would have rolled out the same product. https://twitter.com/...