Defending the Approach: SEC's Enforcement Director Responds to Crypto Industry Backlash – What's the Argument?
Gurbir Grewal, the SEC's Enforcement Division Director, defended the agency's cryptocurrency regulation approach amid industry criticism. He emphasized consistency and clarity, addressing concerns over SEC oversight evasion and lax enforcement. Grewal highlighted the consequences of fraudulent practices, urging the industry to focus on combating fraud and enhancing regulatory oversight. Despite ongoing discussions about classifying Ether as a security, Grewal stressed the public availability of analytical frameworks like the Howey test. Criticisms of the SEC's enforcement practices have raised concerns about a potential industry exodus from the US. SEC Commissioner Hester Peirce and other staff participated in addressing these regulatory challenges directly.