SEC Commissioner Mark Uyeda stated in a FOX Business interview that the regulatory approach to digital assets is a “disaster for the entire industry.”
He pointed out that the Commission made mistakes in its approach. According to him, the agency should have provided clear guidelines before enforcing regulatory actions.
“Our policies and actions over the past few years have been a disaster for the crypto industry. We failed to provide clear guidance, leading to courts making decisions for us. […] We need to issue clear instructions and interpretations of what falls under securities laws and what does not,” Uyeda emphasized.
He also acknowledged that SEC Chair Gary Gensler has his own “distinct viewpoint” on crypto regulation.
Uyeda and his colleague Hester Peirce often vote for more progressive steps in regulation, but according to Uyeda, the agency usually follows Gensler’s stance.
“Gensler sets the agenda for the agency, and the staff follows his directives,” he noted.
On October 8, Crypto.com filed a lawsuit against the SEC after receiving a Wells Notice.
Previously, Gensler stated that no additional regulatory framework was needed beyond the Howey Test.
In July, Republican presidential candidate Donald Trump promised to fire Gensler if elected.
In September, the House of Representatives launched an investigation into the SEC over politically motivated hiring practices.
In June 2023, lawmakers introduced a bill to remove Gensler from office. Two months later, after Grayscale won a court case against the SEC, these calls resurfaced.
In October, it was announced that SEC Enforcement Director Gurbir Grewal would be stepping down. He was described within the community as the “chief architect of Gensler’s aggressive crypto crackdown.”
