Per Se Illegality refers to a legal doctrine in antitrust law where certain business practices are deemed inherently anti-competitive and unlawful without requiring proof of actual market harm. In the context of crypto market regulation, this classification applies to actions so detrimental to competition that their existence alone constitutes a violation. Examples include explicit agreements among competitors to fix prices or allocate markets.
Mechanism
The operational mechanism for establishing per se illegality bypasses the complex economic analysis of market effects. Once an agreement or conduct falls into a per se category, such as direct collusion on pricing, the court or regulatory body only needs to prove that the action occurred. This simplifies prosecution and provides clear deterrents against specific anti-competitive behaviors within any market, including the digital asset trading ecosystem.
Methodology
The methodology of applying per se illegality serves as a clear policy tool to prevent obvious forms of market manipulation and collusion. Strategic implementation involves setting unambiguous legal boundaries for competitive conduct, aiming to protect consumers and promote fair market structures. In the evolving crypto space, this framework guides regulatory agencies, like the Antitrust Division, in swiftly addressing blatant anti-competitive acts that could undermine trust and efficiency in trading, RFQ, and institutional options markets.
Coordinated RFQ exclusion is a group boycott, a per se antitrust violation that subverts price discovery and invites severe criminal and civil penalties.
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