Mark Uyeda, known for his moderate approach towards the cryptocurrency industry within the SEC, made important statements.
It Was A Complete Disaster!
Speaking to US media outlet Fox Business, SEC member Mark Uyeda admitted that the regulator’s stance on cryptocurrencies has been a disaster for the entire industry.
He acknowledged that the SEC has no clear guidance on how crypto companies should operate under the law, and noted that courts have been forced to interpret regulations instead of the SEC, which has produced mixed results.
“I think the policies and approach we have been taking over the last few years have been a real disaster for the entire crypto industry.
We’re sending this ‘policy’ through enforcement but we’ve done nothing to provide guidance on crypto. And as a result, the courts have gotten through it. And different courts have made different decisions.”
Finally, Uyeda declined to comment on the SEC’s Wells Notice to Crypto.com and the exchange’s lawsuit against the SEC, saying: “I’m not going to comment on the specifics of this case. This case is part of a broader frustration that we haven’t provided interpretive guidance on what you can or can’t do, how to register if you’re involved in some kind of securities offering, how to be regulated as a broker-dealer, how to register as an exchange.”
What Should the SEC Do?
“The SEC needs to provide clear guidance and interpretations here on what exactly falls within the scope of the securities laws and what doesn’t,” Uyeda said when asked what the SEC should do about crypto.
Experts said they viewed SEC member Mark Uyeda’s comments as a clear admission of shortcomings and mistakes by the SEC under Chairman Gary Gensler’s leadership.
As is known, Mark Uyeda is also one of the SEC members who is a cryptocurrency supporter and supported the approval decision on spot Bitcoin ETFs in January.
*This is not investment advice.
