SEC rejected the possibility of introducing self-reporting amnesty for crypto companies

According to Reuters, the US Securities and Exchange Commission (SEC) has clarified that it will not pardon crypto companies.

SEC said no amnesty for crypto companies

This essentially means that industry participants who have violated federal securities laws will not receive a free pass to go ahead and be willing to engage with the regulator.

SEC has been met with criticism in the crypto community for not providing enough regulatory clarity even though cryptocurrencies have been around for over a decade.

Its “regulation by enforcement approach” has been slammed by Ripple and other industry participants who appeared in the crosshairs of the formidable agency.

“Register your product, and we’ll just ignore the billions you have under management in this crypto lending product and your violations of the securities laws,” Gurbir S. Grewal, the SEC’s enforcement director, has dismissed the idea of ignoring law violations.

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