SEC’s Crypto Chief Warns More Charges Coming to Exchanges

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Source: TechStory

David Hirsch, the United States SEC’s Crypto Enforcement Chief, is warning other crypto exchanges and De-Fi will see more punishment and charges soon. The SEC has had its hands full with many issues as of late. However, the regulator’s crypto enforcer made it clear that the SEC has more in store for the crypto industry.

Hirsch spoke Tuesday at the Securities Enforcement Forum Central in Chicago. There he discussed other crypto exchanges and De-Fi not following the law. Currently, Binance and Coinbase are being the most criticized by the SEC. In the same vein, the SEC’s head of Crypto Assets and Cyber Unit mentions that the SEC will take on other firms involved in the same activity. 

“We’re going to continue to bring those charges,” said Hirsch, who adds that is targeting other businesses operating like the two top crypto exchanges. In addition to those two, the SEC is also still active in its appeal against the Ripple securities case ruling. 

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SEC Targeting The Whole Pie, Not Just Two Slices

Hirsch also explains that the SEC isn’t just targeting the top dogs, but the entire industry. We’re going to continue to be active as intermediaries,” he said.

“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.”

David Hirsch, the United States SEC’s Crypto Enforcement Chief

In addition to charges against exchanges, the SEC will also continue targeting De-Fi projects, according to Hirsch. “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.”

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The SEC’s reach isn’t infinite, therefore, it can only litigate so much of the industry at a time. However, it’s made clear by the regulator’s chief crypto enforcer that they’ll do their best with the limit of funds and resources it has.