Intelligencer – In a story about a lawsuit brought by the Securities and Exchange Commission alleging that Coinbase was operating as an exchange without registering as such, Healthy Markets President & CEO Tyler Gellasch is quoted in response to a question regarding kinds of changes to the U.S. crypto industry might come out of these cases? “That’s a live question, but the future could look a lot smaller. One reason the SEC didn’t approve Coinbase’s registration is because, under existing securities laws, a company can’t do all the things that it currently does. One of the great lessons from the Great Depression is you can’t have a single entity performing as all the entities in the capital markets. Brokers, exchanges, and clearing agencies have distinct laws and rules — not just about disclosures but about what they can and can’t do. The crypto industry has generally disregarded all of it.” (Full Story).