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The SDNY indictment related to MEV today is very interesting. I do not believe that it poses a threat to MEV in the sense that governments will suddenly target MEV itself in their laws and indictments. In fact, this early legal explanation of MEV may actually be a good thing 👇
what I've managed to gather about the MEV/sandwiching case is that the gov't is trying to make the case that pushing txns with false signatures knowing they will never reach finality is somewhat analogous to spoofing. the good news is, no one really goes to jail for spoofing
um. who's going to tell the DOJ this making money on the block ordering is the main business model of crypto. seriously what's going on. "if convicted, each brother faces a maximum penalty of 20 years in prison for each count." 20 years for flash trading? what am i missing https://t.co/UYcrG3pg9R
The U.S. Department of Justice (DOJ) has issued an indictment related to Maximal Extractable Value (MEV), a practice in cryptocurrency trading. The indictment aims to establish new fraud claims associated with MEV-related activities, potentially providing legal protection for MEV-boost reliant searchers against trading losses when MEV-boost protocol guarantees fail. The DOJ's background discussion in the indictment normalizes the concept of MEV and explains its workings. If convicted, the accused face a maximum penalty of 20 years in prison for each count. The government is attempting to argue that pushing transactions with false signatures, knowing they will never reach finality, is analogous to spoofing. However, it is noted that few individuals actually go to jail for spoofing. The Southern District of New York (SDNY) is handling the indictment.