In the wake of the implosion of multiple crypto operators in 2022, a phalanx of administrative agencies descended upon the industry, declaring it “rife with fraud, scams, bankruptcies, and money laundering.” In an effort to remedy these perceived defects, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) collectively brought more than 200 enforcement actions against crypto industry participants over the course of 2023.