SEC Commissioner Urges Clear Guidelines for Cryptocurrency Regulation

A U.S. Securities and Exchange Commission (SEC) commissioner has voiced concerns about the agency's current direction regarding cryptocurrency regulation.

In a recent interview with Fox Business, Commissioner Mark Uyeda expressed that Chair Gary Gensler significantly influences most of the SEC staff, leading to a strict regulatory environment for digital assets.

Uyeda humorously noted the disparity in control, stating, “With 5,000 employees at the SEC, he controls 4,995, while I manage five.”

Uyeda urged the SEC to establish clear guidelines for cryptocurrency regulation promptly.

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He refrained from commenting on Gensler’s personal motivations but emphasized that, based on his 18 years of experience with the agency, the current approach seems misguided. He believes that the SEC needs to provide distinct guidance on what qualifies as securities under the law.

According to Uyeda, without a clear understanding of what is included or excluded from securities laws, productive discussions cannot take place. He advocates for a thoughtful consideration of how brokers should manage these securities within the SEC’s jurisdiction.

Kosta Gushterov