A commissioner of the US Securities and Exchange Commission (SEC) says the agency is being steered in the wrong direction on crypto regulation.
In a new interview with Fox Business, SEC Commissioner Mark Uyeda says Chairman Gary Gensler has influence over the vast majority of SEC employees and that the regulator under his leadership is cracking down on the digital assets industry.
“Within the agency, our agenda is set by Chairman Gary Gensler, so the staff all follows his lead. The joke we have is, we have 5,000 employees at the SEC, he owns 4,995, I own five.”
Uyeda recommends that the regulatory body establish clear crypto guidelines as soon as possible.
“I won’t talk about what [Gensler] When he thinks about his personal motivations, he certainly has perspective. The way I look at it, 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 to see us provide some clear guidance and interpretations of what exactly falls within and outside the securities laws.
You can’t even start a discussion unless you know what’s in and what’s out. And from there, to the extent that they are within our scope, we need to think about how brokers handle these securities.
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