The Securities and Exchange Commission’s (SEC) enforcement chief, Gurbir Grewal, lashed out at the cryptocurrency industry, drawing attention to compliance fears and the industry’s intention to evade regulatory frameworks. Speaking at the “SEC Speaks” event organized by the Practicing Law Institute, Grewal emphasized the agency’s commitment to applying existing securities laws to the evolving landscape of digital assets.
Compliance and Regulatory Avoidance in Focus
Grewal emphasized the cryptocurrency industry’s persistent problems with noncompliance and its innovative attempts to escape the jurisdiction of the SEC. He commented on criticisms directed at the SEC of regulating by enforcement and overstepping its authority, and he claims clarifications distort its consistent enforcement of securities laws.
Grewal mentioned the Howey Test, a principle based on a 1946 Supreme Court case, as the principal method used to identify whether a cryptocurrency is an investment contract
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