SEC Commissioner pushes agency to impose stronger preventative measures on crypto industry
Nov. 6, 2023
By Assad Jafri
In a Nov. 6 speech, Republican SEC Commissioner Mark Uyeda said the watchdog needs to reassess its approach to the crypto industry.
According to Uyeda, regulatory clarity is the need of the hour, and the SEC has the power to establish it.
Proactive rulemaking
Speaking at an international event in London, Uyeda stated that the crypto industry needs a comprehensive regulatory framework, and the SEC needs to turn to proactive rulemaking instead of relying on an enforcement-centric approach.
He emphasized that the regulatory body could have played a more active role in shaping legal and operational guidelines for the crypto sector but had chosen to proceed with a case-by-case enforcement strategy, resulting in extended legal processes.
Uyeda said:
“Regrettably, the SEC has not embraced this approach, opting for a case-by-case strategy that entails prolonged legal proceedings.”
The crypto sector has consistently voiced its concerns about the absence of clear and uniform regulatory directives, arguing that this ambiguity makes it challenging for businesses to operate compliantly while staying competitive within the U.S. market.
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