Inside Gary Gensler’s SEC: A Conversation with Former Crypto Policy Advisor Corey Frayer

In this episode of Bankless, Ryan Sean Adams and David Hoffman interview Corey Frayer, former Senior Crypto Policy Advisor at the SEC, to discuss the SEC's approach to crypto regulation under Gary Gensler. Frayer defends the SEC's actions, arguing they aimed to protect investors and maintain fair markets by applying existing securities laws to crypto activities that mirrored traditional finance. He addresses criticisms that the SEC was anti-crypto, asserting the agency was technology-neutral but concerned with preventing conflicts of interest and ensuring regulatory compliance. The conversation explores the definition of a security, the challenges of regulating DeFi, and the balance between fostering innovation and protecting investors, revealing deep philosophical divides between the crypto industry and regulators.

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Bankless

Introduction to Crypto Policy and the SEC's Perspective

Frayer's Background and the Crypto Industry's View of Gensler's SEC

SEC's Early Actions and Focus on Centralized Platforms

Registration Challenges and the Fundamental Issue of Intermediaries

The Need for Startups and Protecting the Integrity of Securities Laws

Defining Investor Protection and the Nuances of DeFi

The Uniswap Wells Notice and the Debate Over Code as Speech

Facilitation vs. Operation and the Limits of SEC Resources

Alternative Approaches to DeFi and Defining a Security

The Impossibility of Black-and-White Definitions and the SEC's Role

Good Cop vs. Bad Cop and the Fundamental Issue for Crypto

Lightning Round - The Genius Act and SAB 121

Crypto's Impact on Elections and the Integrity of the SEC

Reversing Course and the Challenges of Public Engagement

Toxicity in the Crypto Space and Final Thoughts

Inside Gary Gensler’s SEC: A Conversation with Former Crypto Policy Advisor Corey Frayer

Bankless

00:00Introduction to Crypto Policy and the SEC's Perspective

Introduction to Crypto Policy and the SEC's Perspective

07:58Frayer's Background and the Crypto Industry's View of Gensler's SEC

Frayer's Background and the Crypto Industry's View of Gensler's SEC

16:21SEC's Early Actions and Focus on Centralized Platforms

SEC's Early Actions and Focus on Centralized Platforms

24:16Registration Challenges and the Fundamental Issue of Intermediaries

Registration Challenges and the Fundamental Issue of Intermediaries

31:26The Need for Startups and Protecting the Integrity of Securities Laws

The Need for Startups and Protecting the Integrity of Securities Laws

37:40Defining Investor Protection and the Nuances of DeFi

Defining Investor Protection and the Nuances of DeFi

44:53The Uniswap Wells Notice and the Debate Over Code as Speech

The Uniswap Wells Notice and the Debate Over Code as Speech

52:53Facilitation vs. Operation and the Limits of SEC Resources

Facilitation vs. Operation and the Limits of SEC Resources

1:03:41Alternative Approaches to DeFi and Defining a Security

Alternative Approaches to DeFi and Defining a Security

1:14:50The Impossibility of Black-and-White Definitions and the SEC's Role

The Impossibility of Black-and-White Definitions and the SEC's Role

1:23:41Good Cop vs. Bad Cop and the Fundamental Issue for Crypto

Good Cop vs. Bad Cop and the Fundamental Issue for Crypto

1:26:51Lightning Round - The Genius Act and SAB 121

Lightning Round - The Genius Act and SAB 121

1:33:00Crypto's Impact on Elections and the Integrity of the SEC

Crypto's Impact on Elections and the Integrity of the SEC

1:40:59Reversing Course and the Challenges of Public Engagement

Reversing Course and the Challenges of Public Engagement

1:47:36Toxicity in the Crypto Space and Final Thoughts

Toxicity in the Crypto Space and Final Thoughts