© Reuters

Gurbir Grewal, director of the United States Securities and Exchange Commission (SEC) division of enforcement, has reportedly said the entire crypto industry was “built around noncompliance,” leading to enforcement actions.

According to a June 16 Reuters report, Grewal spoke at an event hosted by law firm Lowenstein Sandler and Rutgers University Law School in New York, which also featured Coinbase (NASDAQ:) chief policy officer Faryar Shirzad. The SEC enforcement director reportedly said the commission had worked “thoughtfully and incrementally” for actions related to the crypto space, but this approach had failed to address what the regulator considered unregistered securities offerings.