In episode 5 of Deconstructing Crypto, Todd Fishman and Gene Ingoglia discuss the recent wave of regulatory actions by U.S. authorities on the crypto industry, and the increasing pressure on financial institutions and firms that provide access and services to crypto clients and markets. 

They highlight some of the key events that have occurred since December, such as the collapse of Silicon Valley Bank, the withdrawal of Signature and Metropolitan from the crypto space, the denial of Custodia’s Fed membership, the National Economic Council’s policy statement on crypto clients, the DOJ’s probe into Silvergate, and the SEC’s charges against Terraform and potential action against Paxos. 

They also explain the Securities and Exchange Commission's targeting of another digital asset market program, staking, and ongoing enforcement action in this space. 

Todd and Gene analyze the implications of these developments for the crypto industry and the legal and strategic challenges that crypto actors face in navigating a complex and evolving enforcement landscape.