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64 B.C. L. Rev. 1555 (2023)
Regulatory Fragmentation: Investor Reaction to SEC and CFTC Enforcement in Crypto Markets

handle is hein.journals/bclr64 and id is 1593 raw text is: REGULATORY FRAGMENTATION: INVESTOR REACTION TO SEC AND CFTC ENFORCEMENT IN CRYPTO MARKETS YULIYA GUSEVA IRENA HUTTON INTRODUCTION.......................................................................................................................... 1557 I. INNOVATION AND THE INTERNATIONAL ROLE OF THE COMMISSIONS................................... 1562 A. The Risks and Benefits of Crypto ..................................................................................... 1563 B. Innovations, Regulatory Fragmentation, and Crypto.......................................................1567 C. Inter-Agency Differences ................................................................................................. 1572 D. Why Is U.S. -Led Enforcement Impactful?........................................................................1573 II. THE TWO COMMISSIONS IN CRYPTO..................................................................................... 1576 A . T h e C F T C ........................................................................................................................ 1 5 7 6 B. The SEC ........................................................................................................................... 1580 III. EMPIRICAL RESEARCH ON CRYPTOASSET REGULATION ..................................................... 1583 IV. SAMPLE DATA .....................................................................................................................1587 A . C ryp toasset C lassifications..............................................................................................1587 B. Enforcement Data............................................................................................................ 1589 C . S um m ary S ta tistics ...........................................................................................................15 9 1 V. EMPIRICAL RESULTS............................................................................................................. 1596 A. Enforcement Action Characteristics and Market Reaction .............................................. 1596 B. Multivari ate Analyses of Market Reaction ....................................................................... 1598 C . E nforcem ent P ublicity M easures ..................................................................................... 1601 D. Types ofRespondents Defendants and Market Reaction ................................................. 1603 E. Are Bitcoin and Ethereum Special? ................................................................................. 1605 F. Penalties and Other Measures ......................................................................................... 1608 VI. THEORETICAL INTERPRETATIONS ....................................................................................... 1610 A. Summary of the Results.................................................................................................... 1610 B. Regulation, Enforcement, and Fragmentation.................................................................1610 CONCLUSION ............................................................................................................................. 1613 1555

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