{"id":995,"date":"2024-10-11T08:32:12","date_gmt":"2024-10-11T08:32:12","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=995"},"modified":"2024-10-11T08:32:12","modified_gmt":"2024-10-11T08:32:12","slug":"crypto-chaos-sec-commissioner-uyeda-confesses-regulatory-failings","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=995","title":{"rendered":"Crypto Chaos: SEC Commissioner Uyeda Confesses Regulatory Failings"},"content":{"rendered":"
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The US Securities and Exchange Commission (SEC) has faced increasing criticism in recent years over its regulatory approach to the crypto industry under President Biden\u2019s administration, characterized by increased enforcement actions and lawsuits against major players.\u00a0<\/p>\n

Commissioner Mark Uyeda recently voiced his concerns, describing the SEC\u2019s strategy<\/a> and regulation of the nascent crypto market as a \u201cdisaster for the entire industry\u201d in an interview with FOX Business.<\/p>\n

Uyeda Critiques SEC\u2019s Enforcement-Driven Policies<\/h2>\n

Uyeda\u2019s latest remarks reflect a growing discontent within the crypto ecosystem, particularly among stakeholders who advocate <\/a>for a more balanced regulatory framework.\u00a0<\/p>\n

Along with fellow Commissioner Hester Peirce, dubbed the \u201ccrypto mom\u201d for her consistent support of pro-crypto initiatives, Uyeda has called for regulations that encourage the growth of digital assets<\/a> rather than stifle innovation.\u00a0<\/p>\n

During the interview<\/a>, Uyeda emphasized the need for clearer guidance<\/a> from the SEC, stating that the agency\u2019s policies and approach over the past few years have been \u201cjust really a disaster.\u201d\u00a0<\/p>\n

The Commissioner pointed out that the agency has primarily relied on \u201cpolicy through enforcement,\u201d leading to confusion within the industry. \u201cWe have done nothing to provide guidance on it,\u201d he added, noting that the lack of clarity<\/a> has resulted in \u201cinconsistent rulings from different courts.\u201d<\/p>\n

Calls For Clear Rules On Crypto Classification<\/h2>\n

The SEC\u2019s aggressive stance has been underscored by recent lawsuits against prominent platforms such as Binance and Coinbase in 2023, as well as Wells Notices <\/a>issued to Robinhood and Crypto.com, adding to the sense of discontent among participants.\u00a0<\/p>\n

Crypto.com, in particular, filed a lawsuit <\/a>against the SEC, arguing that the agency is overstepping its jurisdiction and has improperly classified nearly all cryptocurrency transactions as securities. The platform contends that the SEC\u2019s enforcement actions are \u201carbitrary and capricious.\u201d<\/p>\n

Uyeda responded to these developments by highlighting the broader frustrations with the SEC\u2019s lack of interpretive guidance. \u201cWe\u2019ve not provided interpretive guidance as to what you can and cannot do,\u201d he stated, adding that this uncertainty complicates compliance for companies involved in securities offerings<\/a>.\u00a0<\/p>\n

The Commissioner also criticized the SEC for adopting what he called an \u201cunlawful rule\u201d that broadly categorizes crypto asset trading as \u201csecurities transactions\u201d under what many experts believe is an outdated framework for the proper regulation of digital assets.<\/p>\n

The commissioner emphasized the need for the SEC to lay out clear guidelines regarding what falls within and outside of securities laws. Uyeda also noted that, within the jurisdiction of the Securities and Exchange Commission, there should be a focus on how brokers handle these assets under their securities law.<\/p>\n

\"Crypto\"<\/p>\n

At the time of writing, total crypto market capitalization stands at $2.064 trillion, down nearly $300 million after closing September at a one-month high of $2.29 trillion.<\/p>\n

Featured image from DALL-E, chart from TradingView.com<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission (SEC) has faced increasing criticism in recent years over its regulatory approach to the crypto industry under President Biden\u2019s administration, characterized by increased enforcement actions and lawsuits against major players.\u00a0 Commissioner Mark Uyeda recently voiced his concerns, describing the SEC\u2019s strategy and regulation of the nascent crypto market as […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-995","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=995"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/995\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}