One of the top officials at the US Securities and Exchange Commission (SEC) believes the regulator should change course when it comes to the way they approach crypto.
SEC Commissioner Mark Uyeda tells Fox Business that adequate regulations are not in place to encourage innovation in the industry.
“We have not provided the rules of the road for crypto, other than stating that almost all of them are securities, nor have we provided a practical path to complying 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 crypto enforcement resources, the commission is falling short in protecting seniors from relationship and affinity fraud, which can be devastating if their retirement investments are stolen…
Assuming that everyone in the marketplace is a potential scammer and fraudster unless proven innocent is the wrong thing to do – 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 Chairman Gary Gensler for his active approach to the crypto sector. Both have also spoken out against multiple SEC enforcement actions.
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