Welcome back to The Breakdown with me, NLW.

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What's going on, guys? It is Wednesday, September 20th, and today we're asking whether the SEC is about to go scorched earth.

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Hello friends, lots to get through today, so let's dive right in.

The SEC is not done going after crypto exchanges, according to David Hirsch, the head of the

agency's crypto assets and cyber unit.

Speaking at the Securities

Enforcement Forum Central in Chicago on Tuesday, Hearst said securities law violations within the

industry extend far beyond existing litigation. Now, keep in mind, the crypto division of the

SEC is currently bogged down with complex lawsuits against both Coinbase and Binance, two of the

largest crypto exchanges.

Hirsch said his unit is investigating similar activity across other firms and believes non-compliant business practices, quote, hold true well beyond any two entities.

Hirsch warned, we're going to continue to be active as to intermediaries.

That can be brokers, dealers, exchanges, clearing agencies, or any others who are active in this

space are within our jurisdiction and are not meeting their obligations, either through registration

or failure to provide adequate or complete disclosures. Now, the SEC is apparently also

turning its gaze towards DFI platforms in this crusade against crypto intermediaries.

Hirsch said, quote, we're going to continue to conduct investigations, we're going to be

active in the space, and adding the label of defy is not going to be something that's going

to deter us from continuing our work.

...