‘Massive wake-up call’: Crypto faces growing legal crackdown

with decentralized lender DeFi Money Market accused its backers of selling more than $30 million in unregistered securities using so-called smart contracts and DeFi technology.

BlockFi spokesperson Madelyn McHugh said the company believes its products and services are lawful and appropriate for crypto market participants, and that "we remain steadfast in our commitment to protect consumers’ rights to earn interest on their crypto assets." Vincent McGonagle, the CFTC's acting enforcement director, said in a statement that "there is a strong need for regulatory compliance in the digital asset market space and for bad actors to be identified and held accountable."

"A question going forward is whether there will be progress on rulemaking and guidance for the community that provides the clarity and certainty needed to operate within the SEC’s regulatory system," Cohen said.

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