Stephen Palley, partner at Anderson Kill, discusses a few hot-button crypto regulatory issues like lending products, whether DeFi protocols fall under the SEC’s purview, and more. Show highlights:

  • why Stephen thinks the SEC and CFTC did not announce more extensive crypto enforcement news this week
  • what areas the SEC Chair Gary Gensler and the SEC as a whole are focused on regulating
  • what Stephen has heard about whether stablecoins that are not fully-backed are securities
  • why Coinbase decided to drop its Lend product
  • why Stephen is skeptical that decentralized protocols should be regulated under existing securities laws
  • how securities law is contrary to consumer protection in light of DeFi protocols and airdrops
  • why DeFi AMMs should be regulated differently than centralized market books
  • whether companies running a front-end for a DeFi protocol should be considered an exchange
  • why crypto devs are “going Satoshi” because of US securities laws

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Episode Links

Stephen Palley

Topics Covered

Lending Products

  • Brian Armstrong angry tweet storm
  • BlockFi and Celsius overview

SEC + Gary Gensler

  • How SEC Chair Gary Gensler’s Views on Crypto Have Changed Since His MIT Days
  • SEC Chair Gary Gensler Washington Post Q&A
  • Gary Gensler + Elizabeth Warren letters


  • Uniswap delisting certain tokens through its front end


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