Haseeb Qureshi, managing partner at Dragonfly, believes that the recent regulatory crackdown by the SEC on crypto exchanges was inevitable. He explains that after the Bittrex and Beaxy cases earlier this year, the SEC developed a clear legal theory that applies to all exchanges, including Coinbase and Binance.

The industry has grown tired of the process and is no longer complying with the regulations, leading to a loss of credibility for the SEC. Avichal Garg, co-founder of Electric Capital, argues that the old systems and frameworks for regulation are no longer relevant and need updating to keep up with the rapidly evolving crypto market.