According to David Hirsch, head of the U.S. Securities and Exchange Commission’s (SEC) Crypto Assets and Cyber Unit, more enforcement actions against firms that haven’t properly registered with the regulator are expected. Hirsch discussed crypto assets and exchanges Tuesday at an SEC forum in Chicago.
SEC Crypto Head Forewarns Tougher Enforcement
While the crypto community has focused on the XRP case and lawsuits against Coinbase and Binance, the U.S. Securities and Exchange Commission may target more violators soon. David Hirsch, head of the SEC’s Crypto Assets and Cyber Unit, made the statements, as reported by Coindesk.
On Tuesday at the Securities Enforcement Forum Central in Chicago, Hirsch said the SEC will “continue to bring those charges.”
“We’re going to continue to be active as to intermediaries,” Hirsch told the audience. “That can be brokers, dealers, exchanges, clearing agencies or any others who are active in this space, are within our jurisdiction and not meeting their obligations, either through registration or failure to provide adequate or complete disclosures.”
The SEC has cracked down on several high-profile crypto companies such as Binance, Bittrex US, and Coinbase. More recently it has been focused on a couple of non-fungible token (NFT) projects that raised millions without disclosure.
Hirsch insists more enforcement is coming. “We’re going to continue to conduct investigations, we’re gonna be active in the space, and adding the label of [decentralized finance] is not going to be something that’s going to deter us from continuing our work,” the SEC official remarked.
The SEC official noted the regulator has significant ongoing litigation. Beyond enforcement actions against exchanges and brokers, the market capitalization of crypto coins that the SEC claims are crypto securities stands at $85.4 billion.
What do you think about the SEC’s crypto chief and his statements at the forum in Chicago? Share your thoughts and opinions about this subject in the comments section below.
