The feds, via the SEC, are cracking down on Binance, the largest cryptocurrency exchange in the world, essentially calling it an illegal operation. Prior to his appointment as Biden’s SEC chair, Gary Gensler taught a class on Bitcoin at MIT, which made some crypto enthusiasts think he might be friendly to the industry. But he’s been anything but a friend to crypto. His proponents say he’s taking long overdue action to rein in an industry rife with fraud, scams, and get-rich-quick schemes. Critics worry the SEC’s increasingly aggressive approach will send crypto and blockchain-based innovations overseas, and see the U.S. cede leadership to other nations. 

As the debate rages over how to regulate various crypto coins (are they commodities or securities?), is there a way for the SEC to go after back actors without casting too wide a net? Evan and Luke are joined by Dr. Thomas L. Hogan, a former Chief Economist for the US Senate Banking Committee and now a specialist in crypto and monetary policy with the American Institute for Economic Research. You can check out his work here.