Fun

SEC enforcement director claims crypto industry makes ‘creative attempts’ to avoid guidelines

News Feed - 2024-04-04 03:04:46

Turner Wright5 hours agoSEC enforcement director claims crypto industry makes ‘creative attempts’ to avoid guidelinesGurbir Grewal claimed that the SEC’s standard for determining what a security is under the Howey test had been “clearly and consistently applied.”776 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksGurbir Grewal, the director of the Division of Enforcement at the United States Securities and Exchange Commission (SEC), has pushed back against criticism that the regulator is making up rules on crypto as it goes.


In prepared remarks for an SEC Speaks event on April 3, Grewal claimed that companies in the crypto industry had made “many creative attempts” to avoid the commission’s jurisdiction by continuing to operate in the United States. He also addressed concerns that the SEC was “recklessly exceeding” its authority or “regulating by enforcement” in lawsuits brought against crypto firms.Gurbir Grewal at SEC Speaks on April 3. Source: Practising Law Institute


Grewal pointed to Sam Bankman-Fried as an example of the need for enforcement cases. On March 28, the former FTX CEO was sentenced to 25 years in federal prison for defrauding investors of the crypto exchange, including “people who were forced to sell their home, their car, or take on a second job to make up for their losses.”


“It’s my hope that, after the latest in a long and growing string of courts affirming our authority to police the crypto markets, we can move past them and address the very real issues present in this industry that lead to elevated investor risk: fraud, lack of transparency, commingling of assets, conflicts of interest, and lack of oversight, to mention just a few,” said the enforcement director.


Related:Coinbase Wallet triumph over SEC allegations is a ‘giant win’ for DeFi


Grewal reiterated that the SEC’s standard for determining what a security is under the Howey test had been “clearly and consistently applied.” He did not specifically address reports that the SEC had been exploring whether to classify Ether (ETH) as a security rather than a commodity under the U.S. Commodity Future Trading Commission’s purview.


“These are not secret analyses; they are public documents for the whole world to see,” said Grewal. “Even parties that argue in court that their conduct does not implicate the federal securities laws have themselves used the Howey framework internally for years to evaluate crypto offerings.”


In March, a Utah judge imposed sanctions on the SEC for acting in “bad faith” in a lawsuit it brought against the firm Debt Box. Many industry participants have pointed to the commission’s seemingly inconsistent approach to enforcement on crypto firms and exchange-traded funds, hinting it could lead to an exodus from the United States.


The enforcement director’s comments followed those from SEC Commissioner Hester Peirce, who on April 2 criticized the regulator’s accounting guidelines for institutions looking to custody crypto assets. She and other staff and commissioners will speak at the SEC Speaks event ending on April 3.


Magazine:Lawmakers’ fear and doubt drives proposed crypto regulations in US# Law# SEC# Bitcoin Regulation# United States# RegulationAdd reactionRead moreSEC calls for comments on Fidelity, Grayscale and Bitwise spot Ether ETF applicationsBitcoin miner Sphere 3D refutes Gryphon’s claims of financial doubts: "Disingenuous"Binance and its detained US exec face more charges in Nigeria

News Feed

Cointelegraph Accelerator7 hours agoFintech, DeFi, GameFi, and more: Web3 startups kick off Cointelegraph Accelerator second cohortSixteen startups selected from over 1000 applications will present their projects to a gl
G7 Countries: We Will Ensure Russia Cannot Use Crypto Assets to Evade Sanctions
G7 Countries: We Will Ensure Russia Cannot Use Crypto Assets to Evade Sanctions The Group of Seven (G7) countries issued a joint statement stating that they “will ensure tha
Mining Ban Sparks Negative Reactions From Iran’s Crypto Community
Mining Ban Sparks Negative Reactions From Iran’s Crypto Community The recently reintroduced seasonal ban on cryptocurrency mining has provoked backlash from the local crypto comm
SportIcon Launches Innovative NFT Platform That Connects Fans With Exclusive Athlete Content
SportIcon Launches Innovative NFT Platform That Connects Fans With Exclusive Athlete Content press release PRESS RELEASE. NFTs have emerged as a unique digital asset in the past 24
Shark Tank’s Mark Cuban Says Bitcoin Is a Store of Value but ‘More Religion Than Solution to Any Problem’
Shark Tank’s Mark Cuban Says Bitcoin Is a Store of Value but "More Religion Than Solution to Any Problem" Shark Tank star and the Dallas Mavericks’ owner
Crypto markets rally, but Ethereum struggles to keep pace with Bitcoin
Marcel Pechman4 hours agoCrypto markets rally, but Ethereum struggles to keep pace with BitcoinETH price continues to trail far behind Bitcoin’s year-to-date gains even after the crypto market responded positively to t
Helen Partz12 hours agoOwner of Hong Kong crypto exchange OSL secures $90M investmentBC Technology Group, the operator of Hong Kong’s publicly listed crypto exchange OSL, has raised $90 million in subscriptions for new
Cardano Surge To $1.17 Triggers Overbought Warnings: Time To Sell?
Este artículo también está disponible en español. Cardano recent price surge has been nothing short of impressive, with ADA climbing steadily to challenge the $1.17 resis
Spot Bitcoin ETFs see record inflows post-July 4 dip
Amaka Nwaokocha2 hours agoSpot Bitcoin ETFs see record inflows post-July 4 dipThe Bitcoin price correction provides strong opportunity for ETF investors to buy the dips.1581 Total views2 Total sharesListen to article 0:0
Turner Wright4 hours agoRep. Tom Emmer: Digital assets will be a ‘sleeper issue’ for 2024 electionsThree candidates from both the Democratic and Republican parties have taken anti-CBDC positions as part of their 2024
Spanish Treasury Secretary Says Cryptocurrencies Carry a ‘Risk of Default’, Repeats Bank of Spain’s Lack of Regulation Rhetoric
Spanish Treasury Secretary Says Cryptocurrencies Carry a "Risk of Default", Repeats Bank of Spain"s Lack of Regulation Rhetoric The government of Spain continues
Bitcoin ETFs See $9 Billion Inflows Amid Escalating Shift Away From Gold
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu