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{"id":35444,"date":"2023-06-20T21:39:06","date_gmt":"2023-06-20T21:39:06","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/20\/sec-director-says-nothing-has-changed-for-enforcement-even-as-the-crypto-industry-rumbles\/"},"modified":"2023-06-20T21:39:07","modified_gmt":"2023-06-20T21:39:07","slug":"sec-director-says-nothing-has-changed-for-enforcement-even-as-the-crypto-industry-rumbles","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/20\/sec-director-says-nothing-has-changed-for-enforcement-even-as-the-crypto-industry-rumbles\/","title":{"rendered":"SEC director says \u2018nothing has changed\u2019 for enforcement even as the crypto industry rumbles"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/20\/sec-director-enforcement-crypto\/<\/a><\/br>
\nSEC director says \u2018nothing has changed\u2019 for enforcement even as the crypto industry rumbles<\/br>
\n2023-06-20 21:39:06<\/br><\/p>\n

\n

As the U.S. Securities and Exchange Commission continues to scrutinize the crypto industry, the agency\u2019s director of enforcement, Gurbir Grewal, says the regulator is not concerned with labels or technology, but whether securities are being sold in a format that adheres to existing laws.<\/p>\n

During an interview at an event hosted by Rutgers University\u2019s School of Law and law firm Lowenstein Sandler last Friday, Grewal said the SEC is \u201cconcerned with the offerings\u201d in crypto markets.<\/p>\n

\u201cWhen we look underneath the hood, when we kick the tires, we\u2019ve seen plenty of DeFi products [and] DeFi offerings that are neither decentralized nor finance, but rather just straight fraud,\u201d Grewal said. \u201cWe\u2019ve seen plenty of stablecoins that are neither stable nor coins, but [are] fraudulent.\u201d<\/p>\n

The director of enforcement also highlighted that crypto products and services like protocols and smart contracts are supposed to protect against market manipulation and fraud, but haven\u2019t. \u201cYou can call it crypto\u2026 it doesn\u2019t matter what you call it. It\u2019s the substance and reality of what you\u2019re offering. And if that offering needs to be registered and you\u2019re not registering it, we\u2019ll hold you accountable,\u201d he said.<\/p>\n

Earlier this month, the SEC charged the two largest crypto exchanges, Binance<\/a> and Coinbase<\/a>, for securities law violations in back-to-back cases, as well as other charges.<\/p>\n

Grewal said the agency prosecuted the exchanges because it has \u201cto be thoughtful in the cases we bring that will have the most impact and deter other bad actors [while] promoting compliance.\u201d<\/p>\n

More broadly, he considers the risks in the crypto market to be \u201ctoo great, as we\u2019re seeing a precipitous decline in the crypto markets, and investors are being hurt on the back end of it.\u201d<\/p>\n

While many people in the crypto industry have referred to the actions as \u201cregulation by enforcement,\u201d Grewal doesn\u2019t feel so. \u201cIt\u2019s a catchy but tired refrain. What we\u2019re doing is enforcing existing rules and regulations.\u201d<\/p>\n

Many companies in the web3 space disagree.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/06\/20\/sec-director-enforcement-crypto\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/20\/sec-director-enforcement-crypto\/ SEC director says \u2018nothing has changed\u2019 for enforcement even as the crypto industry rumbles 2023-06-20 21:39:06 As the U.S. Securities and Exchange Commission continues to scrutinize the crypto industry, the agency\u2019s director of enforcement, Gurbir Grewal, says the regulator is not concerned with labels or technology, but whether securities are being sold in a […]<\/p>\n","protected":false},"author":1,"featured_media":35445,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-35444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nSEC director says \u2018nothing has changed\u2019 for enforcement even as the crypto industry rumbles - 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