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The SEC and CFTC\u2019s recent actions against Uniswap and Galois Capital could mark a turning point in crypto regulation. With both firms settling on relatively low fines, are we witnessing regulators establish precedent for a broader crackdown on the industry?\xa0\nIn this episode, Larry Florio, general counsel at 1kx, delves into the implications of these settlements, the frustrations asset managers face with regulatory compliance, and whether the SEC\u2019s approach could push the crypto industry into a corner. Will these actions set a precedent for more aggressive enforcement ahead?\nShow highlights:\n\nWhy the SEC's action against Galois Capital highlights a shift in language, focusing on tokens "offered and sold as securities"\n\nWhat a qualified custodian is and why the SEC's action against Galois punishes them for using FTX, which could have fit one definition of a qualified custodian if it hadn\u2019t been perpetrating a fraud\n\nHow the SEC demands crypto fund managers comply with regulations on qualified custodians while also limiting qualified custodians in crypto\n\nWhether the SEC is effectively banning crypto funds by requiring compliance with impossible rules\n\nHow the SEC penalized Galois for giving affiliates better liquidity terms than outside investors\n\nHow SEC Commissioner Mark Uyeda\u2019s call for clarity on "crypto asset securities" reflects the industry\u2019s frustration with the lack of clear guidelines from the SEC\n\nWhy the CFTC's fine against Uniswap for alleged leveraged transactions may set a precedent for future enforcement actions\n\nHow Commissioner Summer K. Mersinger's dissent highlights the unfairness of punishing Uniswap despite their proactive compliance, according to Larry\n\nWhether the New York Attorney General\u2019s subpoenas to VCs about Uniswap signal a renewed adversarial approach to regulating DeFi\n\nThe timing of these actions, along with the SEC\u2019s Wells notice to OpenSea\n\nVisit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com\nThank you to our sponsors!\n\niTrustCapital\n\nPolkadot\n\nMantle\n\nGemini\n\nStellar\n\nGuest\n\nLarry Florio, general counsel at 1kx\nTimestamps:\xa0\n\u27a1\ufe0f 01:51 - The SEC using different language to describe tokens as securities\n\u27a1\ufe0f 04:53 - Qualified custodians & Galois Capital's use of FTX\n\u27a1\ufe0f 09:04 - Compliance frustrations for crypto asset managers\n\u27a1\ufe0f 11:58 - The SEC effectively banning crypto funds?\n\u27a1\ufe0f 18:22 - Penalty for giving\xa0some investors undisclosed preferential treatment\n\u27a1\ufe0f 18:25 - SEC Commissioner Mark Uyeda\u2019s call for clarity on crypto assets\n\u27a1\ufe0f 19:35 - CFTC's fine against Uniswap: A troubling precedent?\n\u27a1\ufe0f 23:09 -Uniswap's compliance efforts & two CFTC Commissioners\u2019 dissents\n\u27a1\ufe0f 24:56 - NY Attorney General\u2019s subpoenas\n\u27a1\ufe0f 27:04 - OpenSea\u2019s Wells notice: NFTs as securities?\n\u27a1\ufe0f 30:34 - Crypto News Recap\nLinks\nGalois Capital:\n\n\nThe Block: SEC charges and settles with crypto-focused Galois Capital over custody issues\n\n\nLarry Florio\u2019s thread\n\n\nUniswap:\xa0\n\nCoinDesk: Uniswap Labs Settles CFTC Charges Over 'Illegal' Margin Products\n\n\nBlockworks: CFTC Commissioners dissent on Uniswap settlement\n\n\n\nComments from Uniswap counsel\n\nAxios: The SEC has questions for VCs about Uniswap\n\n\nNY Attorney General\u2019s Subpoenas\nCoinDesk: VC Giants a16z, Union Square Ventures Get Subpoenaed by New York About Uniswap: Sources\n\nOpenSea\u2019s Wells notice:\nUnchained: If the SEC Sues OpenSea, Here's Why the NFT Platform Could Win Easily\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices