Even the most stalwart crypto supporters could see why the Securities and Exchange Commission might target the crypto industry for some enforcement. Events of the past year — from the failure of Three Arrows Capital to the fraud at FTX — were bound to bring some scrutiny, and the industry has always been too hospitable to blatant hucksters.

But the recent spate of enforcement actions by the SEC and U.S. agencies do not meet the standard of protection. Instead, a close review of everything from the banking crackdown earlier this year to the endless regulation by enforcement strikes a different chord. It seems as if the U.S. government is taking action to protect the financial services industry from disruption.

Omid Malekan is an adjunct professor at Columbia Business School and the author of Re-Architecting Trust: The Curse of History and the Crypto Cure for Money, Markets, and Platforms.

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