SEC Enforcement Director: ‘We’re Not Concerned With the Labels’ in Crypto Cases

“We’re not caring with the labels. We’re concerned with the offerings, the labels are not important to us,” Grewal said. “The technology is important. What’s underneath the hood, because when we look underneath the hood, when we rebound the tires, we’ve seen plenty … DeFi [decentralized finance] offers that are neither decentralized nor finance but degree just straight [fraud].”