Many in crypto have wrongly and naively assumed that the previous lecturer on blockchain technology, and current Securities and Exchange Commission Chairman Gary Gensler is the enemy of crypto. Yet, Gensler was rather mild and over-cautious in his attempt to bring the crypto industry in line with current security laws, and he can even be accused of being so lenient that many frauds had successfully established themselves as legitimate players in the industry before hurting their customers and investors.
In reality, it’s the Department of Justice that will be bringing down the full force of the law in organised crime in the crypto industry and not the SEC. The SEC can sue an individual or a company in court, but it’s the DOJ that has the actual and executive power to send federal agents dragging you to court on criminal charges.
Yesterday, after Sam Bankman-Fried was found guilty on all counts by the jury of his case, the US Attorney of the Southern District of New York, Damian Williams gave a brief press conference where he made an unequivocal statement saying that the crypto fraudsters who think that their activity is too complicated to be understood by the authorities will eventually face justice. The DOJ is currently conducting two very serious investigations on Binance and Tether on money laundering and sanctions breaking. Given his comments, it doesn’t seem that either Chanpeng Zhao or Tether executives will be getting away with it.
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