David Hirsch, the head of crypto regulation at the SEC, is drawing attention to the existence of other cryptocurrency exchanges and DeFi platforms that are not fully compliant with the law, in addition to major exchanges like Coinbase and Binance. Hirsch keeps this development, which holds significant importance for regulation and compliance, on the agenda.
The regulatory agency’s crypto applications officer, David Hirsch, claims that the SEC has big plans for the crypto industry. However, Hirsch acknowledges that the institution’s current caseload is heavy, and the SEC cannot tackle everything.
Enforcement Actions Against Crypto Exchanges
The U.S. Securities and Exchange Commission (SEC) is treating crypto exchanges like Coinbase and Binance in a similar fashion. David Hirsch stated that these allegations will continue, and they have taken similar businesses into custody. The SEC is already dealing with complex crypto cases in federal courts, and the outcomes have not always been entirely successful.
Hirsch emphasized that the SEC’s interest in crypto is not limited to major exchanges alone. The commission will continue to impose sanctions on brokers, dealers, exchanges, clearinghouses, or those who fail to fulfill their obligations in this field. Additionally, he mentioned that DeFi projects will also be taken into consideration.
Acknowledging that the SEC has a limited sanctions budget and is often constrained in its battle against financial giants, Hirsch accepts that their capacity is limited. Nevertheless, they remain resolute in their commitment to regulatory oversight and continued regulations.
