One of the top guys at the SEC, Mark Uyeda, thinks the agency needs to change how it deals with crypto. He says the SEC hasn’t set clear rules for the industry, making it hard for companies to innovate.
“We’ve basically said most crypto is a security, but haven’t given clear guidelines on how to follow the rules,” Uyeda said. “Instead of focusing on helping the industry grow, we’ve been spending time and money on enforcement actions that don’t really give much guidance. Meanwhile, we’re not doing enough to protect older people from scams that can wipe out their retirement savings.”
Uyeda, a Republican appointed by President Biden, has been critical of SEC Chair Gary Gensler’s tough stance on crypto. He and another Republican commissioner, Hester Peirce, have spoken out against the SEC’s approach to crypto and have even disagreed with some of the agency’s enforcement actions.
Uyeda thinks the SEC’s approach is wrong. “It’s like assuming everyone in the crypto market is a scammer until proven innocent,” he said. “That’s not the American way.”
