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SEC Needs To End War on Crypto and Return to Being a Constructive Regulator, Says Commissioner: Report

September 25, 2024

One of the top officials at the U.S. Securities and Exchange Commission (SEC) thinks the regulator needs to change course in terms of the way it approaches crypto.

SEC Commissioner Mark Uyeda tells Fox Business that hasn’t laid out adequate rules to spur innovation in the sector.

“We have not provided the rules of the road for crypto, other than to declare that nearly all are securities, nor have we provided a practical pathway to comply with our rules. Instead, we have wasted time and money on crypto enforcement actions that provide limited guidance at best. At the same time, we are using enforcement resources on crypto, the commission is falling short in protecting seniors from relationship and affinity scams, which can be devastating when their retirement investments are stolen…

Presuming that everyone in the market is a potential scammer and fraudster unless proven innocent is the wrong course of action — and not the American way.”

President Joe Biden appointed Uyeda, a Republican, to his role as commissioner in 2022. He and fellow Republican Commissioner Hester Peirce have often criticized SEC Chair Gary Gensler for his active approach toward the crypto sector. Both have also dissented against multiple SEC enforcement actions.

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