The Enforcment Chief of the U.S. Securities and Exchange Commission (SEC), Gurbir Grewal, criticized the cryptocurrency sector for its historical non-compliance with regulations. He discussed the Howey Test, rooted in a 1946 Supreme Court decision, as a crucial tool in determining whether a cryptocurrency should be regulated as a security. Grewal underscored the SEC's commitment to upholding investor rights and market integrity amidst claims that the agency was overreaching and stifling innovation in the crypto space. The address also addressed diversionary tactics employed by industry critics, focusing on the significant risks like fraud and lack of transparency in the sector.