SEC official Gurbir Grewal stated that they cannot ignore cryptoassets violating the law.
SEC Executive Director Grewal made a statement regarding the criticisms leveled at the SEC.
SEC Official Responds to Criticism
Gurbir Grewal, Executive Director of the U.S. Securities and Exchange Commission, stated that the crypto industry violates securities laws and therefore the regulator will not divert its direction.
Grewal used the following statements in his speech at the Practical Law Institute conference:
“Critics often seem upset that we don’t allow crypto. The SEC needs to enforce the law impartially, and ignoring them would betray people’s trust and that’s not an option for us.”
Grewal also said that crypto is hurting low-income consumers.
Grewal’s comments came immediately after those of SEC Chairman Gary Gensler. Gensler stated that the requirements of US law will apply to crypto platforms and tokens that are not registered with the regulator.
The SEC also announced that a new office will be set up for the cryptocurrency industry. This office will be set up to evaluate crypto applications.
SEC official Cicely LaMothe stated that this office will be located within the Corporate Finance Division.
