David Hirsch confirmed that huge numbers of crypto companies are on the radar of the SEC’s agency.
The United States Securities and Exchange Commission (SEC) is the top financial regulatory body. David Hirsch is the head of the Cryptocurrency Assets and Cyber Unit of the US SEC.
Recently David Hirsch spoke about the SEC vs. Crypto at the Securities Enforcement Forum Center in Chicago and said that the agency is actively working to issue legal notice against more crypto companies, just like Coinbase & BinanceUS sued by the agency in June of this year.
David said that the agency is investigating multiple crypto companies and trying to find out the number of violated services by them so that the agency can sue them.
“We will continue to make these accusations,” the SEC official said.
Furthermore, the SEC official confirmed that the agency is now focussing beyond the major crypto companies e.g. intermediaries, distributors, exchanges, stock exchange institutions, or other persons operating crypto services. Here this latest statement by the SEC official hinted that they are going to target small crypto companies and it is confirmed that they will blindly settle the case without any legal fight.
The majority of the people are expecting that if the SEC is surely going to take this type of enforcement action then it is going to bring a very big road bump between the Crypto sector & financial institutions.
Earlier this year the majority of the experts shared their opinion on the next crypto bull run and claimed that institutional crypto adoption will help to bring the next bull cycle but the latest reports are giving a hint that the situation for the next bull run is very far.
Just a couple of days ago, the crypto-friendly US SEC commissioner Hester Pierce said that crypto companies should remain confident to fight against SEC’s enforcement actions and the current hostile situation will be changed shortly.