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US SEC Chief Enforcement Officer Gurbir Grewal condemned the crypto industry for its “significant lack of compliance.”
During the SEC Speaks event, Grewal answered to criticism directed at the agency for the SEC's excessive crypto regulation.
“We have faced significant non-compliance and many, many creative attempts by market participants to avoid our jurisdiction, some claiming that we are making it up as we go along or regulating through enforcement, and others arguing that we are recklessly overstepping our authorities. “
Gurbir Grewal, SEC Enforcement Director
Grewal also noted that the SEC has been accused of stifling innovation and pushing crypto companies to more favorable foreign jurisdictions. At the same time, he noted that the crypto industry wants a different set of rules.
“The “predatory inclusion” tactics that certain crypto entities are targeting Black, Brown, and other marginalized communities are extremely concerning.”
Gurbir Grewal, SEC Enforcement Director
In recent years, the SEC has stepped up its efforts to regulate the cryptocurrency industry. Over the past year, the regulator managed to open criminal fraud cases against Terraform Labs and its founder Do Kwon, Hex co-founder Richard Hart, FTX founder Sam Bankman-Fried, and other leaders of the collapsed exchange.
The agency also accused trading platforms Genesis and Gemini, Celsius, Nexo and Kraken of offering unregistered securities through lending programs or offering digital assets. Kraken agreed to settle the claims by paying $30 million in fines.
