SEC enforcement chief rejects criticism of crypto crackdown

FILE PHOTO: A smartphone with displayed Binance and Coinbase logos and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

NEW YORK (Reuters) - A top U.S. Securities and Exchange Commission (SEC) official on Friday rejected criticism of the regulator's cryptocurrency crackdown and slammed the sector for violating securities laws.

The regulator's heightened scrutiny of crypto firms comes in response to the industry's failure to comply with the agency's regulations, SEC enforcement director Gurbir Grewal said at a Rutgers University and Lowenstein Sandler LLP event in New York.