Prof. Richard Painter Quoted by CNN About Trump Crypto Donor Receiving Reprieve on Civil Fraud Charges

Professor Richard Painter, S. Walter Richey Professor of Corporate Law, was quoted by CNN about a businessman who contributed $75 million into the Trump family-backed crypto token. Federal securities regulators recently paused a civil fraud case against him. Lawyers for the Securities and Exchange Commission asked a federal judge to put the agency’s case on hold, citing the interests of both sides and “the public’s interest.” Prof. Painter said, “This is, I guess, going to be the new approach — hands off crypto, not enforcing fraud … and I don’t think it’s going to end well. The SEC is going to back off — because that’s what the Trump administration wants — on whatever enforcement they are able to do. I think it’s a very worrisome situation.”