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Two lawyers, Josh Klayman, head of digital assets at Linklaters, and Marc Boiron, chief legal officer at Polygon Labs, offer their takes on the SEC\u2019s recent crypto crackdown. They share what they heard from SEC Chair Gary Gensler\u2019s Congressional testimony, whether this crackdown was inevitable or sparked by FTX, and why a proposed change to the definition of an exchange could be an existential threat for DeFi in the U.S.\nShow highlights:\n\nwhat Gary Gensler\u2019s approach to crypto was when he took office\n\nwhether the FTX collapse had any impact at all on the SEC\u2019s recent actions\n\nwhether the actions against Coinbase are \u201cinappropriate\u201d\n\nwhat the differences between Coinbase and Kraken staking services are\n\nwhy the concept of \u201cexemptive relief\u201d is important for exchanges\n\nwhether the SEC is looking to go after AMM-based decentralized exchanges\n\nwhy SEC Commissioner Hester Peirce says that complying with a new proposal wouldn\u2019t be possible for much of DeFi\n\nwhy, according to Marc, the industry should be \u201cpushing very hard\u201d against the newly proposed definition of an exchange\n\nwhether the SEC\u2019s ability to pursue enforcement actions against ETH is diminished by the statements of the previous SEC chair\n\nThank you to our sponsors!\n\nCrypto.com\n\nHalborn\n\nGuests:\n\n\nJosh Klayman, head of blockchain and digital assets at Linklaters,\xa0\n\n\nMarc Boiron, chief legal officer at Polygon Labs.\n\nSufficient Decentralization\n\nPrevious coverage of Unchained on the SEC\u2019s actions:\xa0\n\n\u2018Is ETH a Security?\u2019 Why Gary Gensler Couldn\u2019t Give Congress a Straight Answer\n\nRep. Emmer on Why He Believes Gary Gensler Is a \u2018Bad-Faith Regulator\u2019\n\nIs the Government Trying to Kill Off Crypto in the US?\n\nCoinbase\u2019s Top Lawyer Calls SEC Wells Notice a \u2018Massive Overreach\u2019\n\nSEC Chair Gary Gensler Avoids Question: \u2018Is Ethereum a Security?\u2019\n\nSEC Sues Bittrex, Names Dash, Algorand and Other Tokens \u2018Crypto Asset Securities\u2019\n\nLinks\n\n\nCoinDesk: U.S. SEC Moves Toward DeFi Oversight as It Reopens Proposed Regulations\n\n\nProposed rule: Amendments Regarding the Definition of \u201cExchange\u201d and Alternative Trading Systems (ATSs)\n\nRendering Innovation Kaput: Statement on Amending the Definition of Exchange\n\n\nPOLITICO: McHenry clashes with SEC\u2019s Gensler over crypto crackdown\n\n\n\nForbes: Crypto Exchange Beaxy Shuts Down Amid SEC Charges\n\n\nTreasury Releases 2023 DeFi Illicit Finance Risk Assessment\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices