According to The Block, Gurbir Grewal, the head of the enforcement division at the SEC, gave a 15-minute in-depth discussion on the crypto industry at a two-day SEC speech event hosted by the Practising Law Institute. Grewal stated, “Over the past decade, the SEC has investigated serious misconduct in the crypto industry, as well as many creative attempts by market participants to evade the SEC’s jurisdiction. Some claim we are making it up as we go along, while others believe we are regulating through enforcement.”
Grewal emphasized that the test to determine whether a cryptocurrency is a security is the Howey Test, and the SEC’s stance has always been clear and consistent, with “no secret analysis.”
Grewal also criticized the way the crypto industry treats marginalized communities. He said, “Cryptocurrencies are the only major financial product more likely to be owned by Black Americans than White Americans.” “There is some evidence to suggest that during the downturn in the cryptocurrency market in recent years, Black and Brown investors suffered a higher proportion of harm.”
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Tags:
SEC
enforcement
regulation
Source link:
https://www.theblock.co/post/286279/secs-gurbir-grewal-criticizes-crypto-indus…
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Original article link:
https://www.bitpush.news/articles/6567060
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