Gurbir Grewal, the Enforcement Director of the U.S. Securities and Exchange Commission (SEC), spoke out against the Cryptocurrency business, stating that there is a substantial issue with disregarding the rules.
At the Securities and Exchange Commission Speaks event, Grewal answered complaints that the agency controls the crypto world excessively, which some people see as unjust.
SEC’s Cryptocurrency Regulatory Measures
Grewal brought up accusations against the Commission, claiming that its rules are stopping new ideas and making crypto companies look for more favorable locations to do business abroad. He agreed that the crypto business seeks a different set of rules for how it is regulated.
Considerable attention has been paid to the Cryptocurrency business by the Commission over the past few years. The government has charged Terraform Labs and its founder, Do Kwon, with theft multiple times in the past year, and Additionally charged Richard Hart, co-founder of Hex, Sam Bankman-Fried, founder of FTX, and other important people with ties to an exchange that no longer exists.
In addition to that, the Commission has also charged trading platforms Genesis and Gemini, as well as Celsius, Nexo, and Kraken, with selling securities that were not listed with the Commission through lending programs or digital asset offerings. In reaction, Kraken has agreed to pay a $30 million fine to settle the claims.
