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SEC Commissioner Mark Uyeda criticises agency’s crypto policy

SEC Commissioner Mark Uyeda criticises agency’s crypto policy

GrafaGrafa2024/10/11 03:25
By:Mahathir Bayena

SEC Commissioner Mark Uyeda has publicly criticised the U.S. Securities and Exchange Commission’s (SEC) approach to regulating cryptocurrencies, calling it a “disaster.” 

Speaking on an Oct. 10 panel with Fox Business, Uyeda expressed his concerns that the SEC’s leadership, particularly under Chair Gary Gensler, has failed to provide clear regulatory guidelines for the crypto industry. 

Uyeda argued that the SEC’s current strategy of enforcing crypto policy without first offering clear rules for companies to follow is misguided. 

“Our policies and our approach over the last several years have been just really a disaster for the whole industry,” he said. 

He emphasised that the lack of guidance has left courts to make key decisions, with rulings varying from one jurisdiction to another. 

Uyeda’s comments come in the wake of Crypto.com’s lawsuit against the SEC. 

The crypto exchange alleges that the regulator exceeded its authority when it issued a Wells Notice, indicating potential enforcement action. 

Crypto.com challenged the SEC’s classification of most cryptocurrencies as securities. 

Uyeda called for the SEC to provide more precise guidance on what falls under securities laws, acknowledging that many within the crypto industry find current SEC rules to be impractical. 

“The approach we’re taking appears to be the wrong one,” Uyeda added. 

While he refrained from commenting on Gensler’s personal motivations, Uyeda acknowledged that the SEC’s direction is primarily shaped by Gensler’s views on crypto regulation. 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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