Grewal voices disapproval of cryptocurrency sector’s actions
Gurbir Grewal, the Enforcement Director of the U.S. Securities and Exchange Commission (SEC), criticized the cryptocurrency industry for its lack of compliance during the SEC Speaks event. Grewal addressed the agency’s regulatory actions in response to criticism of excessive regulation in the crypto space. He acknowledged the accusations of stifling innovation and pushing crypto businesses to more favorable jurisdictions, while also noting that the industry desires a different set of rules.
In recent years, the SEC has intensified its efforts to regulate the cryptocurrency industry. It successfully initiated criminal proceedings for fraud against Terraform Labs and its Founder, Do Kwon, as well as Hex Co-Founder Richard Hart, FTX Founder Sam Bankman-Fried, and other leaders of the collapsed exchange. The agency also filed charges against trading platforms Genesis and Gemini, Celsius, Nexo, and Kraken for offering unregistered securities through lending programs or digital assets. Kraken agreed to settle the claims by paying $30 million in fines.
For more information on the regulatory battles and trends in the crypto industry, you can explore our article on SEC vs crypto. Stay informed by following us on Google News.
