A commissioner of the United States Securities and Exchange Commission (SEC) says the agency is headed in the wrong direction in terms of crypto regulation.
In a new interview with Fox Business, SEC Commissioner Mark Uyeda said Chairman Gary Gensler has influence over the overwhelming majority of SEC employees and that the regulatory agency is cracking down hard on the asset sector digital under his direction.
“At the agency, our agenda is led by Chairman Gary Gensler, and so all staff follow his lead. The joke we have is we have 5,000 employees at the SEC, he controls 4,995, I control five.
Uyeda recommends that the regulator create clear crypto guidelines as soon as possible.
“I won’t talk about what (Gensler) thinks about his personal motivations, he certainly has a perspective. In my opinion, I’ve been at the agency for 18 years, I’ve done a lot of things in securities regulation, and the approach we’re taking seems to be the wrong one…
I would like us to establish clear guidance and interpretations on what exactly does and does not fall under securities laws.
You can’t even start a discussion without knowing what’s happening and what’s not happening. And then from there, to the extent that they’re within our scope, we need to think about how brokers handle these securities.
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