This week saw three major US government actions through which we can learn a lot: Coinbase's Wells Notice, Do Kwon's arrest and the SEC charging Justin Sun. These are long and complex cases. So here we are going to focus on one simple point in each case that tells us something about what the government is doing or how the industry is reacting.
The common theme here is that, for at least some of the allegations, there do not appear to be real defenses. And some of what is being presented as "defense" is so unserious that it will likely not be presented in court.