Don Wilson is experiencing a sense of déjà vu. This month, the US Securities and Exchange Commission sued Cumberland DRW, a division of DRW, the Chicago-based trading giant Wilson founded and runs, for trading at least $2 billion in cryptocurrencies without permission. The case hinges on the SEC deeming those assets securities. Wilson recalls a similar situation in 2013 when Gary Gensler, then leading the US Commodity Futures Trading Commission, filed a suit against DRW, claiming market manipulation.
Wilson and his firm denied any wrongdoing, arguing they had discovered a lucrative arbitrage opportunity. They fought the CFTC and won.
Wilson believes the lack of regulatory clarity from the SEC is a feature, not a bug, of Gensler's leadership, allowing the SEC to selectively prosecute. He thinks this approach is reminiscent of 'Atlas Shrugged,' where everyone is breaking the law, and the regulator can harass whoever they want.
Wilson's theory is not outside the realm of possibility, as some experts suggest the SEC may be being purposely vague to preserve its power.