“Regulation by enforcement” is “a catchy but overused cliché used effectively by cryptocurrency market participants and lobbyists,” said the head of the U.S. Securities and Exchange Commission’s (SEC) Enforcement Division. said on June 16.
The SEC has been enforcing existing rules and regulations, SEC Enforcement Director Gurbir Grewal told academics and lawyers during a panel discussion co-hosted by the law firm and Law School.
Moderators asked about recent SEC actions and the concept of “regulation by enforcement.” Grewal said the SEC continues to monitor the crypto industry, but its focus is on movements within the industry rather than the tokens themselves.
“We don’t care about labels. We care about offerings. Labels don’t matter,” Grewal said.
“Technology is important. What is the content? (Fraud),” he continued.
He added, “We believe the downturn in the cryptocurrency market and increased risk forced us to focus on this industry. Perhaps that was perceived as an increase in enforcement actions. But I think we’re just doing business as usual in the last few years,” he said of the recent increase in enforcement actions in the crypto space.
“We will expand our jurisdictions as far as the law allows,” Grewal said.
“We have great cooperation with many regulators. We have frequent meetings and MOUs with many regulators, which has improved our ability to collect evidence abroad. There will be more and more co-operation between regulators and the gap between us and the likes of the FCA (UK) and ASIC (Australia) will be closed, and I think the bad guys will have less opportunity to take advantage of regulatory gaps. ”
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Gurbir Grewal (pictured right, Nikhilesh De/CoinDesk)
｜Original: SEC Enforcement Director: ‘We’re Not Concerned With the Labels’ in Crypto Cases