Gabe Rubin

speaker

468 appearances 13 recordings 1 series first heard Apr 2018 last heard Oct 2023

Gabe Rubin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Cryptocurrency Scams Bring Ramped Up Enforcement · 8 Oct 2018 podcast

So this year, which is the first full fiscal year of the Trump administration with Trump appointed regulators at the CFTC, saw roughly 900 million in fines doled out. voice-verified

Now, those numbers, it goes beyond the numbers in this case because a lot of those cases started far earlier. voice-verified

Some of them date back to the financial crisis. voice-verified

In fact, some of the biggest ones date back to the financial crisis, including major settlements with banks like Bank of America, Deutsche Bank and JP Morgan, among others, related to the manipulation of interest rate benchmarks from the period from 2007 to 2012. voice-verified

So a lot of these cases take a very long time to work their way through the system. voice-verified

and only when those cases are finalized do we see them in the fiscal year numbers. voice-verified

So the uptick in enforcement numbers is certainly significant, but you really got to delve into the numbers to see why it's significant. voice-verified

I think it's tough to say. voice-verified

I think that, especially as I mentioned with the financial crisis era cases, voice-verified

It's hard to tell how many of those are still in the pipeline. voice-verified

And those tend to be, you know, many, many millions of dollars. voice-verified

You know, there was a range from 30 to 90 million dollars in terms of those fines. voice-verified

And there were several of those. voice-verified

So, you know, if the total is 900 million and you have five cases that are between 30 to 90 million, that's a good chunk of the overall total. voice-verified

So the overall monetary value of the fines may actually decline in the following years, but I don't think that we should necessarily look at that and say, oh, the CFTC is pulling back on enforcement. voice-verified

It might just be the nature of the cases they're taking on. voice-verified

Thanks for having me. voice-verified

WSJ Your Money Briefing · Bitcoin Backers to SEC: Exempt Us from Oversight · 20 Apr 2018 podcast

That's right. matched

So on March 28th, partners from Andreessen Horowitz and Union Square Ventures, both of which are Silicon Valley and New York based venture capital firms, met with the SEC to discuss token offerings and whether those should fall under existing securities laws. matched

And basically the argument from these venture capitalists, as well as some other cryptocurrency lawyers and lobbyists, was that token offerings are unique and they should fall under a sort of safe harbor designation that would exempt them from a lot of existing securities laws, which would really allow the crypto space a lot of room to grow without regulatory oversight, which is something that regulators don't seem to be too receptive to. matched

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