In episode 6 of Deconstructing Crypto, Todd Fishman and Gene Ingoglia analyze theSecurities and Exchange Commission’s (SEC) enforcement actions against Binance and Coinbase, two of the largest crypto asset trading platforms in the world. They explain the charges, the legal arguments, the potential defenses, and the implications for the crypto industry. Both enforcement actions represent high-stakes moves against the crypto ecosystem and are striking given the prevailing uncertainty as the legal community awaits (i) a ruling in the Ripple case as to whether crypto assets constitute securities and (ii) US congressional action to directly regulate the space.