The SEC will continue enforcing laws in the crypto space despite complaints, a top official said, arguing that anything else would be abandoning investors
The SEC has heard the “jeremiads” from crypto industry participants about being unfairly targeted, but doesn’t intend to back off, Enforcement Director Gurbir Grewal said Friday at a conference in Washington. He added that to do otherwise would be abandoning those harmed by adverse events in the market, including many poor and nonwhite investors.
Mr. Grewal’s remarks underscored his agency’s recent scrutiny of digital assets. They followed a speech Thursday by SEC Chairman Gary Gensler, whofor Congress handing some authority for cryptocurrency oversight to the Commodity Futures Trading Commission. Mr. Gensler in his speech also emphasized, though, his view that most crypto assets should be considered securities whose regulation falls to the SEC under the law.
“Restoring trust in the regulatory system and its institutions can’t start with us abandoning whole classes of investors by declaring our long-standing and well-established rules to be simply null and void for enforcement purposes,” he said. “It’s an undeniable feature of the SEC’s effort to expand its own jurisdiction beyond the bounds of the law,” Mr. Chervinsky said. “For many years, the SEC has run its entire crypto strategy through Director Grewal’s Division of Enforcement, while refusing to provide any guidance or propose any rules clarifying how upstanding crypto companies can meet its expectations.”
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