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SEC admits their crypto approach has been ‘a disaster for the whole industry’

Author: Content Editor
The U.S. Securities and Exchange Commission (SEC) commissioner Mark Uyeda criticized the agency's approach to the crypto industry, stating that it has been a disaster. He argued that the SEC is enforcing policy without providing clear guidance, leading to lawsuits and uncertainty for investors. The number of cryptocurrency-related cases has increased significantly, causing growth in the sector to stall. This criticism reflects a divide within the agency regarding the oversight of the digital asset economy. Industry leaders and companies like Ripple and Gemini also believe that the SEC's lack of regulatory clarity hinders progress and leads to companies moving abroad. However, it is important to note that regulations are necessary, and the SEC's efforts to protect investors have produced results in certain cases. Major crypto firms like Coinbase and Crypto.com have filed lawsuits against the SEC, alleging that it exceeds its authority and unfairly categorizes digital assets as securities. Uyeda believes that the agency's lack of comprehensive interpretative guidance is the main source of frustration.

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