- SEC Commissioner Mark Uyeda noted that there has been a lack of guidance on securities regulations
- His remarks come as Crypto.com files a lawsuit against the SEC for exceeding its regulatory limits over crypto following a Wells notice
A commissioner of the US Securities and Exchange Commission (SEC) has claimed that the agency’s handling of cryptocurrency has resulted in a significant setback for the entire sector.
During an interview on Fox Business Mornings with Maria, Mark Uyeda stated: “The policies we’ve implemented in recent years have been detrimental to the entire industry.”
Uyeda further expressed concern about the broader dissatisfaction stemming from the agency’s failure to offer clear interpretive guidance on the do’s and don’ts of securities offerings, registration processes, and broker-dealer regulations.
These comments followed Crypto.com’s legal action against the SEC, alleging regulatory overreach after the exchange received a Wells notice.
In a related incident, the SEC took legal action against market maker Cumberland for operating as an unregistered securities dealer, having reportedly engaged in over $2 billion in crypto transactions since March 2018.
Additionally, the crypto exchange Coinbase has initiated its own legal efforts against the SEC, demanding transparency regarding the agency’s regulatory framework for cryptocurrencies. However, the SEC recently requested an extension until February 2025 to produce documents related to its case against Coinbase.
Ripple Labs continues to challenge the SEC as well, having filed a notice of cross-appeal in their ongoing dispute that dates back to 2020.
When asked about potential changes for the SEC, Uyeda emphasized the importance of providing explicit guidance on what constitutes securities under the law.
Billionaire entrepreneur Mark Cuban has expressed interest in possibly becoming the SEC chair should Vice President Kamala Harris ascend to the presidency.
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