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SEC Announces Further Enforcement Actions Against Crypto Industry

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David Hirsch, the head of the SEC’s Crypto Assets And Cyber Unit, recently promised further enforcement actions against crypto platforms deemed to be non-compliant with the agency’s demands.

The announcement was made at the SEC’s yearly Securities Enforcement Forum Central event, which took place at the Four Seasons hotel in Chicago this year and was streamed online for those who could not attend.

DeFi Is Not A Workaround, Says Hirsch

During the event, which hosted speakers from several of the SEC’s subdivisions, Hirsch stated that his team will continue bringing lawsuits against crypto platforms that do not meet its requirements in spite of the uncertain rate of success. He also took aim at DeFi platforms that, in reality, may not be as decentralized as they claim.

“We’re going to continue to be active regarding brokers, dealers, exchanges, clearing agencies or any others who are active in this space, are within our jurisdiction and not meeting their obligations. […] We’re going to continue to conduct investigations, we’re gonna be active in the space, and adding the label of DeFi is not going to be something that’s going to deter us from continuing our work.”

The outcome of the SEC’s landmark case against Ripple has somewhat dampened the public’s view of the enforcement agency. However, the agency has also scored some victories recently, albeit in less high-profile cases.

Herculean Efforts

When asked how the SEC plans to work through its immense backlog – which its team has just promised to add to – Hirsch conceded that his organization is already working at full capacity and that it simply does not have the manpower to go after every platform it would like to at the moment.

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Author: Cristian Lipciuc

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