Wu said that according to Bitcoincom, Gurbir S. Grewal, head of the U.S. Securities and Exchange Commission (SEC) Enforcement Division, discussed cryptocurrency regulation at a seminar earlier this month. He emphasized the need to enforce federal securities laws in the evolving cryptocurrency market. Grewal pointed out that the principled definition of securities in the 1946 Supreme Court case SEC v. Howey still applies to new investment schemes, including crypto assets. Grewal highlighted the significant investor losses caused by fraudulent crypto activities and stressed the urgent need to address these hazards.