Former SEC internet enforcement chief John Reed Stark has cautioned that the crypto industry is about to face a “regulatory onslaught.” For 11 years, Stark oversaw operations at the SEC Office of Internet Enforcement. He spent 15 years as an SEC enforcement attorney, where he oversaw projects, inquiries, and enforcement actions pertaining to cyberspace.
The SEC penalized Blockfi for not registering its crypto-lending program, prevented Coinbase from launching its program, and just hit Gemini/Genesis for its Earn crypto-lending scam, according to Stark in a tweet on Thursday.
Stark believes that this is just the beginning of a much larger regulatory trend, and that more crypto companies should expect to face scrutiny in the near future. Stark is of the opinion that this is only the tip of the iceberg, and more crypto companies can expect to be held accountable in the future.
