That’s fair, but hardly so aggressive that I’d call it a “crypto crackdown.”

But it’s hardly unexpected to see lawsuits around unsettled law. Everyone should expect more as we start settling case law and bringing crypto inline with existing law.

Also, wasn’t it mostly centered around their non-exchange activities? Press release specifically mentions their “Staking-as-a-Service” offering. Not that I see anything wrong with it, but I could see how that could be considered a security. Doesn’t really pass the Howey test.