SEC's stance on crypto under scrutiny: from crackdown to spotlight.

David Hirsch, the crypto unit chief within the SEC's enforcement division, defended the regulator's latest crypto enforcement tactics at a conference run by the Digital Assets Council of Financial Professionals. Hirsch cited the Howey test in making classifications and said the SEC is not trying to drive the industry outside of the US. He also acknowledged that the SEC could approve a spot bitcoin ETF if it established an adequate system of surveillance comparable to trading on a registered exchange.