{"id":475635,"date":"2022-07-19T18:32:16","date_gmt":"2022-07-19T15:32:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-lawmaker-criticizes-sec-enforcement-director-for-not-going-after-big-fish-crypto-exchanges\/"},"modified":"2022-07-19T18:32:16","modified_gmt":"2022-07-19T15:32:16","slug":"us-lawmaker-criticizes-sec-enforcement-director-for-not-going-after-big-fish-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-lawmaker-criticizes-sec-enforcement-director-for-not-going-after-big-fish-crypto-exchanges\/","title":{"rendered":"# US lawmaker criticizes SEC enforcement director for not going after &#8216;big fish&#8217; crypto exchanges"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2c5a6bcbfa2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2c5a6bcbfa2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-lawmaker-criticizes-sec-enforcement-director-for-not-going-after-big-fish-crypto-exchanges\/#%E2%80%9D_US_lawmaker_criticizes_SEC_enforcement_director_for_not_going_after_%E2%80%98big_fish_crypto_exchanges_%E2%80%9C\" >&#8221; US lawmaker criticizes SEC enforcement director for not going after &#8216;big fish&#8217; crypto exchanges &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_lawmaker_criticizes_SEC_enforcement_director_for_not_going_after_%E2%80%98big_fish_crypto_exchanges_%E2%80%9C\"><\/span>&#8221; US lawmaker criticizes SEC enforcement director for not going after &#8216;big fish&#8217; crypto exchanges &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-28d77a7a>Brad Sherman, the congressperson who previously called for banning cryptocurrencies in the United States, criticized the Securities and Exchange Commission\u2019s (SEC) <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach to enforcement among major crypto exchanges.<\/p>\n<p>In a Tuesday hearing before the House Committee on Financial Services, Sherman <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/financialservices.house.gov\/events\/eventsingle.aspx?EventID=409648\">said<\/a> SEC enforcement director Gurbir Grewal needed to show \u201cfortitude and courage\u201d when pursuing securities cases against cryptocurrency exchanges in the United States. The lawmaker added that the SEC enforcement division had \u201cgone after\u201d XRP as a security, but not the crypto exchanges that processed \u201ctens of thousands\u201d transactions of the token. <\/p>\n<p>\u201cIf XRP is a security \u2014 and you think it is, and I think it is, why are these crypto exchanges not in violation of law and is it enough that the crypto exchanges have said &#8216;well, having committed tens of thousands of violations in the past, we promise not to do any more in the future?&#8217;\u201d asked Sherman. \u201cIs that enough to get you off the hook for enforcement?\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/864ce9a1-ad98-4536-80f1-ae8bd73730fc.png\"><figcaption style=\"text-align: center;\"><em>Representative\u00a0Brad Sherman addressing the House Committee on Financial Services on Tuesday<\/em><\/figcaption><\/figure>\n<p>Grewal responded that he was unable to specify if the SEC enforcement division was investigating any crypto exchanges, but referred to a case brought against Poloniex in August 2021 for trading cryptocurrencies deemed securities to U.S. investors on its platform between July 2017 and November 2019. Sherman countered that the crypto trading platform was a \u201csmall fish\u201d among other major exchanges, likely referring to Kraken, Coinbase, and Binance US:<\/p>\n<blockquote><p>\u201cThe big fish operating the major exchanges did many, many tens of thousands of transactions with XRP. You know it\u2019s a security \u2014 that means they were illegally operating a securities exchange. They know it\u2019s illegal because they stopped doing it, even though it was profitable [&#8230;] I hope you focus on that.\u201d<\/p><\/blockquote>\n<p>Both SEC chair Gary Gensler and Grewal cited concerns about cryptocurrency enforcement in the government department\u2019s budget request for the 2023 fiscal year. In a written statement for the hearing, Grewal <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/docs.house.gov\/meetings\/BA\/BA16\/20220719\/115031\/HHRG-117-BA16-Wstate-GrewalG-20220719.pdf\">said<\/a> the crypto market was becoming \u201cincreasingly sophisticated and the related misconduct becomes harder to detect and increasingly complex and international in nature.\u201d <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>SEC doubles down on crypto regulation by expanding unit<\/em><\/strong><\/p>\n<p>In May, President Joe Biden requested more than $2.1 billion for the SEC in FY2023, allowing the regulatory body to increase its enforcement division by 50 people, with 20 new hires expected in the regulator\u2019s Cyber Unit, which includes the Crypto Assets and Cyber team. Senators Cynthia Lummis and Kirsten Gillibrand also introduced legislation in June proposing that the Commodity Futures Trading Commission, as opposed to the SEC, have authority over digital asset spot markets.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/us-lawmaker-criticizes-sec-enforcement-director-for-not-going-after-big-fish-crypto-exchanges\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; US lawmaker criticizes SEC enforcement director for not going after &#8216;big fish&#8217; crypto exchanges &#8220; Brad Sherman, the congressperson who previously called for banning cryptocurrencies in the United States, criticized the Securities and Exchange Commission\u2019s (SEC) approach to enforcement among major crypto exchanges. In a Tuesday hearing before the House Committee on Financial Services,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":475636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNzFiYmMyMTAtYmFjZC00M2IzLTlkYzctY2U5YmUwMWU1MmViLmpwZWc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74860,74898,71511,70934,67874],"class_list":["post-475635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrency-exchange","tag-sec","tag-government","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=475635"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475635\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/475636"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=475635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=475635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=475635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}