A member of the U.S. Securities and Exchange Commission (SEC) says the commission is misguided when it comes to regulating cryptocurrencies.
In a new interview with Fox Business, SEC Commissioner Mark Ueda said that Chairman Gary Gensler has influence over the overwhelming majority of SEC staff, and that the regulator is under his guidance to improve the digital asset industry. He said that they are strictly controlling the situation.
“Inside the agency, our agenda is directed by Chairman Gary Gensler, and the entire staff follows his direction. Our joke is that the SEC has 5,000 employees and he has 4,995 employees. I manage five people.”
Ueda recommends that regulators create clear crypto guidelines as soon as possible.
“I'm not going to talk about anything. [Gensler] He wonders what his personal motivations are, but he certainly has perspective. From my perspective, and I've been with this agency for 18 years and have done a lot of work in securities regulation, it seems to me that the approach we're taking is the wrong one…
We would like to see clear guidance and interpretation of what exactly falls under securities law and what does not.
If you don't know what's included and what's not, you can't even start a discussion. And from there, we need to think about how the broker will treat these securities, as long as they are within our territory. ”
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me ×Facebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3
