State regulators step in to fill the gaps in crypto market policing | Crypto

State regulators step in to fill the gaps in crypto market policing

– Joe Borg, the director of the Alabama Securities Commission, is at the vanguard of policing the trillion-dollar digital asset market.

– Borg and his counterparts in Texas, New Jersey, Kentucky and Vermont were able to target the operations of two key crypto players at the heart of this summers crypto meltdown, Celsius and Voyager.

– The state financial watchdogs also were way ahead of the feds in the summer of 2021 when they issued cease-and-desist order against BlockFi.

– Now, Borg and his fellow state regulators are working to help hundreds of thousands of Celsius and Voyager customers recoup billions of dollars worth of assets from frozen accounts.

– Borg attributes the state regulators successes to a nimbleness not shared by the SEC.

– Borg also believes that the ground-up approach he and other state regulators take to monitoring the markets gives them a potential edge over their federal counterparts in spotting emerging threats in digital assets.

4JBKI6QR2QI63BECA3A4QTHI6I State regulators step in to fill the gaps in crypto market policing

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