SEC Commissioner Mark Uyeda has called the agency’s current approach to cryptocurrency regulation a “disaster,” stating that it has failed to provide clear guidelines for the industry. Uyeda expressed his concerns during an October 10 appearance on a Fox Business panel, criticizing SEC Chair Gary Gensler’s enforcement-heavy tactics.
Uyeda’s Criticism: Lack of Clear Guidelines
Uyeda argued that the SEC’s enforcement-first strategy has created confusion and inconsistency in the crypto industry. He emphasized that the agency has not established clear rules or guidelines for crypto firms to follow, leading to legal battles and conflicting court rulings. “Our policies and our approach over the last several years have been just really a disaster for the whole industry,” Uyeda remarked.
He further added, “We have been sending this policy through enforcement, we’ve done nothing to provide guidance on it, and as a result, this has been achieved by the courts, and different courts have ruled different ways.”
Calls for Regulatory Clarity
Uyeda’s comments highlight the growing frustration within the crypto sector and even among SEC insiders. His call for more structured and transparent regulations suggests a need for the agency to shift its focus from enforcement actions to creating a comprehensive framework that companies can understand and comply with.
