SEC enforcement chief says DeFi offers neither decentralized nor financial services, but rather pure "fraud".

According to a BlockBeats report on June 16th citing CoinDesk, Gurbir Grewal, head of the enforcement division at the US Securities and Exchange Commission (SEC), stated that "we don't care about labels. We care about the product, labels are not important to us. Technology is important. DeFi offers services that are neither centralized nor financial, but purely fraudulent. We will expand our jurisdiction within the limits of the law."