At some point in every cop drama movie you’ve ever seen, there’s the inevitable scene where competing law enforcement agencies clash over “jurisdiction,” especially when it’s a particularly juicy crime.
I’m talking about that scene when the Feds muscle in, pushing out the local police… and it typically comes with a bit of cursing, a little back-and-forth between everyone at the scene of the crime, and eventually a weary police chief telling his guys that “sorry fellas, it’s out of my hands, the Feds have got this one.”
The spurned local beat cop hero then ignores the chief, and goes to work on the case anyway… before he’s dragged back into the Chief’s office at some point and told “I said leave it alone goddammit!”
Like I said, it’s part and parcel of every cop drama.
Crimes in cryptoland
If you take a trip over to cryptoland these days, there’s nothing but drama – and you’ll see a familiar (albeit cliched) narrative playing out.
Make no mistake, there have been plenty of crypto crimes committed amongst the thousands of initial coin offerings (ICOs) that have taken place over the past 12 months, some of the singularly salacious.. As a result, there’s a spate of jurisdictional jostling going on amongst various government agencies over who gets to lead the regulatory charge.
First off, in the U.S. we’ve got the Securities and Exchange Commission (SEC), headed by chairman Jay “every ICO I’ve seen is a security” Clayton (aka Eliot Ness, if we’re going to keep with the movie metaphor).
Clayton is in no doubt that cryptoland crimes fall under his purview. And with news filtering out recently that dozens of subpoenas have been issued over the past few months to blockchain companies conducting ICOs, it’s clear that Clayton is looking to stake his claim.
But don’t expect other agencies to stand back. They want their fair share of the action.