In a recent interview, Securities and Exchange Commission (SEC) Commissioner Mark Ueda admitted that the agency's approach to cryptocurrencies has been a “disaster” for the industry. In an interview with Fox journalist Maria Bartiromo, Ueda pointed out that the agency has not yet provided clear regulatory standards for the sector.
Throughout the past year, the agency has embraced enforcement regulations regarding its enforcement of the cryptocurrency sector. Additionally, SEC Chairman Gary Gensler has consistently stated his belief that most crypto companies refuse to provide adequate disclosure and investor protection. As a result, lawsuits against many of these companies have proliferated.
Also read: Crypto.com receives wells notice from SEC
SEC chief says approach to cryptocurrencies has led to disaster
Cryptocurrency exchange Crypto.com recently announced a lawsuit against the SEC. The decision was made after the platform received a Wells notice from authorities informing it of impending enforcement action. In response, the company stated that litigation is necessary to protect the future of cryptocurrencies in the United States.
Perhaps that is the feeling that pervades the entire office. In a recent interview on Fox Morning with MariaSEC Commissioner Mark Ueda acknowledged that their approach to cryptocurrencies has been a disaster for the entire industry. Additionally, he pointed to the lack of clear guidance as a key factor.
Also Read: Breaking News: SEC Claims XRP Victory – Ripple CEO Strikes Back!
“I think our policies and approach over the past few years have been a real disaster for the industry as a whole,” Ueda said. “We've been sending out this 'policy through enforcement' but we haven't done anything to provide any guidance on that,” he added. “And as a result, the courts have accomplished this. And different courts have given different decisions.”
In fact, the company had suffered a high-profile legal defeat against Ripple. However, this is something the SEC has already appealed for redress. The Crypt.com lawsuit is the latest in that trend. Mr. Ueda did not discuss the lawsuit, but did discuss the most important issues.
“I won't comment on the specifics of this lawsuit, but what's happening is that we're not providing any interpretive guidance on what you can and can't do and whether or not you have any involvement. These are some of the broader complaints about how securities are offered, how they are registered, how they are regulated as broker-dealers, and how they are registered as exchanges. ”
