News - SEC board calls for clear rules for crypto

By Luc Vesters

SEC board calls for clear rules for crypto

Ripple (XRP)
Laws and regulations

The Securities and Exchange Commission (SEC) should formulate clear rules for dealing with crypto and digital assets. At least that is what board member Mark Uyeda yesterday, Nov. 6, claimed at a conference in London.

The U.S. Securities and Exchange Commission could have "proactively" helped shape a regulatory framework for cryptocurrencies and digital assets. "Unfortunately, the SEC has not taken this approach and is instead taking a case-by-case approach through enforcement actions," Uyeda said in his speech.

He criticizes the SEC's approach: "It is unfortunate that despite the large number of rule proposals published by the SEC over the past two years, cryptocurrencies were not among them." In doing so, the commissioner takes the position of many market participants who have long asked for more clarity regarding crypto and digital assets.

In the past, the SEC has drawn attention several times with so-called enforcement actions against various crypto companies. For example, the authority took on Coinbase and Ripple. In the latest case with a rather modest result for the SEC. The head of the Securities and Exchange Commission, Gary Gensler, is considered a severe critic of the crypto industry. Indeed, in his view, much of the coins and tokens are securities.

Two camps in SEC

But there are two camps in the SEC's leadership. On one side, the crypto-critical faction consisting of Democrats Gensler, Caroline A. Crenshaw and Jaime Lizárraga, and on the other, a pro-crypto faction consisting of Republicans Mark Uyeda and Hester Peirce.

The House Finance Committee took a step toward clearer rules for crypto in late July when it introduced several bills aimed at the industry.

Due to the US budget dispute and the voting out of then House of Representatives Speaker Kevin McCarthy, the project was initially put on hold. More here: How drama in U.S. House of Representatives puts cryptoregulation on hold

The Republicans have now made it to a new president: Mike Johnson. It's still a blank spot when it comes to crypto. It is quite possible that regulation in the U.S. will gain new momentum and put pressure on the SEC.

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