The Securities and Exchange Commission (SEC) of the United States has assigned directorship to Gurbir S. Grewal, an attorney, to head one of the commission’s unit. The attorney is expected to officially start functioning as the head of the Division of Enforcement on July 26. The new appointee has the major task of ensuring that the U.S market is rid of fraudulent activities thereby creating a safe haven for investments.
The new appointee succeeded Alex Oh, who was coerced into resignation some days after resumption of duties. Alex’s appointment provoked criticsims as a result of her career history in law. Grewal has worked both at the local and national strata of the U.S. In his time at the Economic Crimes Unit, he successfully brought to book all the people involved in a $300 million internet fraud.
The career accounts of Grewal does not mention any crypto related case in his list of triumphs, however he has conducted legal proceedings in ponzi and investment fraud. Grewal handled a prominent ponzi scheme case that robbed people of $200 million. The ponzi scheme was in real estate and the accused, Eliyahu Weinstein, confessed to the crime. A 22 years imprisonment verdict was pronounced on Eliyahu after he also confessed his 2012 involvement in the fraudulence that hit Facebook.
The Securities and Exchange Commission has elongated its legal tentacles to include Initial Coin Offerings which the commission currently regard as securities. According to Cointelegraph’s report on June 25, the commission and Ripple have a case in court which is still in progress. The commission alleged that custodians of Ripple’s tokens were slandering the administration of SEC on different online platforms.
SEC took a legal action against Ripple in December last year, with claims that the company was using security offerings not registered for its operations. Since this year, the commission and the firm have been at a legal dead end.
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