Opinion: It's only a matter of time before the feds start trying to crack down on DeFi protocols such as Lido and Rocket Pool.
) . The SEC’s enforcement playbook against Kraken will eventually be used against those protocols. The SEC is adept at warping the definition of security in the statute to cover all sorts of crazy things, from sales of chinchillas to online gambling to orange groves. The SEC will eventually apply its playbook to more decentralized staking protocols if the founders aren’t sufficiently anonymous.
It’s becoming clear from a pattern across financial regulators and the White House that the subtext in the administration’s policy toward crypto is that it should be choked off. The White House is against proof-of-work; the SEC is hitting proof-of-stake delegation, and the banking regulators are using subtle tools of examination to encourage banks to deny bank account access to anyone with “crypto” in their name even if the customer in question doesn’t actually hold crypto.
Instead, a working rule set for custodial intermediaries offering this unique financial product should be drafted, as the SEC has done in the past for asset-backed securities, real estate investment trusts, oil firm master limited partnerships, etc. There are legions of securities lawyers working in the crypto space who would help the SEC write the rulebook today if given the opportunity.
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