'We’re not giving crypto a pass' on enforcement action, says SEC's Gurbir Grewal
Gurbir Grewal, the enforcement director for the United States Securities and Exchange Commission, said the financial regulator will continue to investigate and bring enforcement actions against crypto firms, despite the narrative of “picking winners and losers” and “stifling innovation.”
In written remarks for a Friday program hosted by the Practising Law Institute, Grewal pushed back against criticism that the SEC “somehow unfairly targeted crypto” in its enforcement actions when compared with those against financial products or traditional markets. He also hinted that the SEC had a responsibility to many “non-White and lower-income investors” drawn to crypto projects, who may feel as though the financial system and its regulators “failed, or simply ignored, them."
“It often seems critics are upset because we’re not giving crypto a pass from the application of well-established regulations and precedents,” said Grewal. “Were we not to investigate and bring appropriate cases just as we always have simply to duck criticism or difficult questions, we’d be acting with both fear and favor.”
The SEC enforcement director added:
Back at #SECSpeaks this morning. @SEC_Enforcement Director Grewal says the Division will not give #crypto a pass to duck public criticism. They will act, when appropriate, regardless of what label or technology is used. @PractLawInst @SEC_Enforcement #DigitalAssets pic.twitter.com/CBIVl0qj8F
Officials appointed Grewal as the SEC’s enforcement chief in July. Representative Brad Sherman later criticized the regulatory body, saying before the House Financial Services Committee that Grewal needed to show “fortitude and courage” by going after major crypto exchanges in his role as enforcement director and not
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