More SEC Enforcement Action is Coming With DeFi in Firing Line, Warns Key Agency Official

Crypto News
Crypto News

20 Sep 2023 12:22 AM

The SEC is going to continue widening its efforts to bring the US crypto industry into compliance, a key official warned on Tuesday, despite recent setbacks....

  • The head of the SEC's Crypto Assets and Cyber Unit, David Hirsch, warned that the agency will continue to bring charges against centralized exchanges and decentralized finance (DeFi) protocols that are not complying with securities law.
  • The SEC is already involved in lawsuits against major players in the crypto industry, including Ripple Labs, Binance, and Coinbase.
  • Hirsch acknowledged that the SEC has limited capacity and cannot pursue all non-compliant businesses.
  • The outcomes of the lawsuits against Binance and Coinbase will have significant implications for the regulatory landscape of US crypto exchanges.
  • The SEC has also argued that tokens like Cardano, Solana, and Polygon are securities, which could impact their demand in the US.

The article presents a warning from the head of the SEC's Crypto Assets and Cyber Unit regarding non-compliant businesses in the crypto industry. It highlights the ongoing lawsuits against major players and the potential impact on the regulatory landscape. The sentiment is neutral.

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You May Ask

Who is David Hirsch and what warning did he give to the crypto industry?Which major cryptocurrency exchanges has the SEC already sued?What are decentralized applications (dApps) and how are they related to the SEC's enforcement actions?How does the outcome of the lawsuits against Binance and Coinbase affect the regulatory landscape for US crypto exchanges?Which tokens have the SEC argued are securities, and what could be the implications for their demand in the US?

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