'We don't give crypto a pass' on enforcement, says SEC's Gurbir Grewal

The SEC's chief enforcement officer said the commission "will continue to bring suits regardless of the label used or the technology involved", including cryptocurrencies.< /p> New

Gurbir Grewal, director of enforcement at the U.S. Securities and Exchange Commission, said the financial regulator will continue to investigate and take legal action against crypto firms, despite the tale of "picking winners and losers" and "stifling innovation".

In remarks written for a Friday program hosted by the Practicing Law Institute, Grewal pushed back on criticism that the SEC “has unfairly targeted crypto” in its enforcement actions over those against financial products or traditional markets. He also hinted that the SEC has a responsibility to many “low-income, non-white investors” attracted to crypto projects, who may feel that the financial system and its regulators “have failed or simply failed them. ignored".

"It often seems like critics are upset because we don't pass on crypto for the enforcement of well-established regulations and precedents," Grewal said. "If we did not investigate and present the appropriate cases, as we always do to dodge criticism or difficult questions, we would act with both awe and favor."

The SEC Chief Enforcement Officer added:

"Failure to enforce the most fundamental rules that underpin our regulatory structure would be a betrayal of trust and not an option for us [...] We will continue to pursue actions regardless of the label used or of the technology involved (or not). Failure to do so would constitute an abdication of our responsibilities.”

Back to #SECSpeaks this morning. @SEC_Enforcement director Grewal says the division won't give #crypto a free pass to dodge public criticism. They will act, where appropriate, regardless of the label or technology used.