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> notion in the crypto community was that CFTC is the good cop to SEC’s bad cop

The SEC has an order of magnitude more employees than the CFTC [1][2]. Crypto favored the latter not because it was a good cop, but because it is a weaker one.

[1] https://www.sec.gov/strategic-plan/about

[2] https://www.eeoc.gov/federal-sector/commodity-futures-tradin...

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Then why is it the CFTC going after Binance and not the SEC?

> people claim NASA is some kind of cash-cow that drags its feet to get more money

Weaker by comparison, not weak per se.

because Binance is violating the CEA

and the crypto space could use services that are not violating the CEA

What do you think are the odds this goes beyond fines? I get the feeling other agencies are gonna pile on and then there will be a huge global settlement to resolve all the cases but the Hamas stuff and the fact that they weren’t even checking OFAC list or countries makes me think there’s a sealed indictment with at least the compliance officer and probably CZs name on it too.

There will probably be criminal indictments.

But those too will be settled with fines and constructively financed and non-prison sentencing.

For context, look at Arthur Hayes with Bitmex. That got very dicey and was way smaller than Binance, big but smaller.

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