The US Securities and Exchange Commission (SEC) has faced increased criticism over its regulatory approach to the cryptocurrency industry under President Biden’s administration. SEC Commissioner Mark Uyeda has voiced his concerns, describing the SEC’s strategy and regulation of the nascent crypto market as a “disaster for the entire industry”. Uyeda and Commissioner Hester Peirce have called for regulations that encourage the growth of digital assets rather than stifle innovation. The SEC’s enforcement-driven policies have led to confusion within the industry and a lack of clarity over what falls within and outside of securities laws. The SEC should lay out clear guidelines regarding securities laws and focus on how brokers handle crypto assets under their jurisdiction.
Source: <span style="font-weight: 400;">SEC’s strategy</span>