June 16 (Cointime) - The U.S. Securities and Exchange Commission (SEC) has faced criticism for its crackdown on the cryptocurrency industry, but enforcement director Gurbir Grewal defended the regulator's actions, citing the industry's failure to comply with regulations. The SEC has been targeting initial coin sales as unregistered securities offerings, as well as crypto firms acting as unregistered exchanges and broker-dealers. Binance and Coinbase, two of the world's largest crypto exchanges, were sued by the SEC last week for allegedly breaking its rules. The crypto sector has called for new rules, but Grewal questioned whether they would be effective in an industry built around noncompliance.