TechFlow news, October 11 — According to Cointelegraph, on October 10, U.S. Securities and Exchange Commission (SEC) Commissioner Mark Uyeda said during a panel discussion that the SEC's approach to regulating cryptocurrencies has been a "disaster," criticizing the agency for failing to provide clear rules and guidance for crypto companies. He pointed out that while SEC Chair Gary Gensler enforces cryptocurrency policies, he has never offered clear direction for the industry, leading to inconsistent court rulings on crypto-related matters and undermining the stable development of the entire sector.
On the day before Uyeda made these remarks, cryptocurrency exchange Crypto.com sued the SEC, accusing the agency of overstepping its authority and challenging its stance of treating nearly all cryptocurrencies as securities. The crypto industry broadly expresses dissatisfaction with Gensler’s stringent yet ambiguous regulatory approach, arguing that the SEC’s existing rules are ill-suited for digital assets. Uyeda stated that the SEC needs clearer guidance and interpretations to explicitly determine which crypto assets fall under securities laws and which do not.
