The SEC is keeping busy while crypto markets crash. The commission is reportedly seeking information on how exchanges attempt to prevent insider trading.
after charges of insider trading to OpenSea’s former product manager Nathanial Chastain surfaced.
Partner at the Hogan & Hogan law firm Jeremy Hogan told FOX Business that the SEC’s current interest in exchanges may stem from the allegations of insider trading on tokens that were scheduled for listing and were likely to see a price gain. Hogan said “it's that sort of trading that the SEC might be forewarning the exchange they need to get control of."
The proposed Digital Commodity Exchange Act of 2022 would see the SEC have its presumed jurisdiction over crypto exchanges rescinded. If it passes, the bill would give the Commodity Futures Trading Commission Current market conditions and ongoing scandals in the crypto industry may have catalyzed the SEC’s decision to start the inquiry. Early last month, the Terra ecosystem collapsed, after the Terra USD stablecoin depegged and the LUNA cryptocurrency plunged 99.9% in value.
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