SEC Taking Wrong Approach to Regulating Crypto Industry As Gary Gensler Directs Agency Agenda: Commissioner

A commissioner of the U.S. Securities and Exchange Commission (SEC) says the agency is being steered in the wrong direction in terms of crypto regulation.

In a new interview with Fox Business, SEC Commissioner Mark Uyeda says that Chair Gary Gensler has influence over the overwhelming majority of SEC employees and that the regulatory agency is cracking down hard on the digital assets industry under his guidance.

“Within the agency, our agenda is directed by the Chairman Gary Gensler, and so the staff all 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 the regulatory body create clear crypto guidelines as soon as possible.

“I won’t speak towards what [Gensler] thinks as to what his personal motivations are, he certainly has a perspective. The way I look at it, I’ve been with the agency for 18 years, done a lot of things involving regulations of securities, and the approach we’re taking seems to be the wrong one…

I would like to see us lay out some clear guidance and interpretations of what exactly falls within and falls outside of securities laws.

You can’t even start to have a discussion unless you know what’s in and what’s out. And then from there, to the extent that they are within our realm, we need to think about how brokers handle these securities.”

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