SEC Comm'r Mark Uyeda: SEC’s Crypto Regulation Approach a ‘Disaster’

[TomPluz]

SEC Commissioner Mark Uyeda has labeled the agency’s approach to crypto regulation a “disaster” due to the lack of clear guidance.

Uyeda made these remarks during an appearance on a Fox Business panel on October 10, where he highlighted the regulatory gaps left by SEC Chair Gary Gensler’s enforcement-first strategy.

Uyeda criticized the SEC’s practice of regulating through enforcement actions rather than establishing well-defined rules for crypto firms.

“Our policies and our approach over the last several years have been just really a disaster for the whole industry,” Uyeda stated.

Uyeda, along with fellow Commissioner Hester Peirce, has often pushed for a more forward-thinking crypto policy, but the agency’s direction ultimately remains under Gensler’s control.

“Within the agency, our agenda is directed by Chairman Gary Gensler. The staff all follow his lead,” Uyeda remarked.

More details from here.


Coming direct from one of the SEC commissioners, there is no doubt that Gary Gensler is following a path that is not so beneficial and friendly to the whole cryptocurrency industry. While I am not seeing a big problem with regulation per se as it can be needed to level the playing field and to thresh out bad actors, not laying the ground clear for everyone to follow can be a big thorn for the industry. We can only wish that soon Gary Gensler can be out of the agency and a new and better one will be taking over...

[bitterguy28]

Coming direct from one of the SEC commissioners, there is no doubt that Gary Gensler is following a path that is not so beneficial and friendly to the whole cryptocurrency industry. […] We can only wish that soon Gary Gensler can be out of the agency and a new and better one will be taking over...

it is good that someone from within their organization is starting to go against gary gensler’s approach at least we know that there is hope for gary gensler to be replaced soon sec is starting to get questionable and it is getting obvious that there is a bias that they are following regarding crypto and are not really interested in  making crypto more accessible and safer for all parties involved

[Zed0X]

Doesn't he sound like Gensler before he became the SEC's Chair? I think his going public and attacking a fellow commissioner might have some personal motive behind. In this case, he probably want to become the next head of the agency. The problem is he might also end up doing the same thing once he gets the position (or ordered to do so).

[Faisal2202]

Coming direct from one of the SEC commissioners, there is no doubt that Gary Gensler is following a path that is not so beneficial and friendly to the whole cryptocurrency industry. While I am not seeing a big problem with regulation per se as it can be needed to level the playing field and to thresh out bad actors, not laying the ground clear for everyone to follow can be a big thorn for the industry. We can only wish that soon Gary Gensler can be out of the agency and a new and better one will be taking over...

At last someone take a stand from the office its a good news although I am quite late to hear it, but still with proper support he might be given the option to replace Gary when the time will come or maybe that's why he do that as if we look into the question of why now? Why near the elections then the only answer comes to mind is to get attention of the next president that I am crypto friendly.

Well, its not bad, IMO to show someone that he cares for the ways being used to regulate the crypto. Friendly ways is all I think we will get after the win of Trump, while after seeing the hype, I assumed we should be expecting more from him.

[ZAINmalik75]

Doesn't he sound like Gensler before he became the SEC's Chair? I think his going public and attacking a fellow commissioner might have some personal motive behind. In this case, he probably want to become the next head of the agency. The problem is he might also end up doing the same thing once he gets the position (or ordered to do so).

Its certainly a public stunt to get attention of the next president but till then he have to manage his reputation if Gary don't go after him  I don't like him too but he have good good history and knowledge but as far as I found he is not educated enough like Gary was about cryptocurrency.

Which can proved as a positive sign for the industry and a big negative point too with time he will learn the topic but this certainly was a stunt because he make that statement now when the election results is going to be announced soon.

[Z-tight]

The sooner Gary Gensler leaves the position of sec chair, the better for crypto firms and projects. However, i think it is uncanny to read about this person talking about their boss in this way, i don't agree with Gary's regulation by enforcement, but we can almost hold everyone in the agency responsible, including Uyeda.

[yhiaali3]

There is a lot of criticism of Gary Gensler and his way of running the SEC, but this statement is important this time because it comes from a responsible employee within the agency itself.

But I wonder why he didn't say this statement before? I think he wants to secure a good place for himself in the new administration if Trump wins, because he knows that Trump doesn't like Gary Gensler and will fire him as soon as he wins the presidential election.

[KingsDen]

There is a lot of criticism of Gary Gensler and his way of running the SEC, but this statement is important this time because it comes from a responsible employee within the agency itself.

But I wonder why he didn't say this statement before? I think he wants to secure a good place for himself in the new administration if Trump wins, because he knows that Trump doesn't like Gary Gensler and will fire him as soon as he wins the presidential election.

Creating a separate regulatory framework for cryptocurrencies just for the purpose of clarity should not be something Gary should take ages to implement. He obviously has read and heard lots of criticisms against him concerning his strict approach towards cryptocurrencies, yet still feels reluctant. Now reading this statement from an insider tells alot about Gary's intentions towards cryptocurrencies.

I don’t care if Mark Uyeda's statement is politically motivated to gain favour,  if the cap fits him, he should be appointed. We will all be fine as long as he won't be bringing up same policies as that of his boss that tend to hinder the growth of cryptocurrencies through harsh regulations.

[yhiaali3]

I don’t care if Mark Uyeda's statement is politically motivated to gain favour,  if the cap fits him, he should be appointed. We will all be fine as long as he won't be bringing up same policies as that of his boss that tend to hinder the growth of cryptocurrencies through harsh regulations.

I agree with you of course that it doesn't matter even if he is seeking political interests, the important thing is to choose a chairman for SEC who understands crypto and seeks to create a regulatory framework that serves companies and users at the same time.

The main mission of the SEC is to monitor companies and protect users, but unfortunately Gary with his current policy seeks to strangle crypto companies only and strangle them with fines and harsh regulations without caring about protecting investors, so it would be better to replace him anyway.

[robelneo]

Which can proved as a positive sign for the industry and a big negative point too with time he will learn the topic but this certainly was a stunt because he make that statement now when the election results is going to be announced soon.

It seems Uyeda is betting that Trump will win the election and we all know Trump's stance on cryptocurrency, and as a Republikan too, he is in full support of Trump, so he is in tune with Trump's policy, its good for the industry if one of the people on the SEC is in favor of Cryptocurrency, I think with Trump winning the election, we will have a continous bull run that will set another all time high.

[ZAINmalik75]

It seems Uyeda is betting that Trump will win the election and we all know Trump's stance on cryptocurrency, and as a Republikan too, he is in full support of Trump, so he is in tune with Trump's policy, its good for the industry if one of the people on the SEC is in favor of Cryptocurrency, I think with Trump winning the election, we will have a continous bull run that will set another all time high.

He won't be alone in the SEC who supports cryptocurrency but he stands for it and Trump has won the elections as of today and let's see when will Gary resign and who will be the next replacement for him if Uyeda gets selected then it will be proved that it was a stunt to gain trust.

If he won't get chosen then it might be a drama to shake the interest toward something else or he really was fed up with Gary and saw an opportunity where he will get replaced and he certainly predicted that Trump will won and he spell it out