SEC Commissioner emphasizes the need for clarity in crypto regulation

MARKET_WATCH Crypto

In a notable address delivered during the 2023 SEC Regulation Outside the United States conference, Mart Uyeda, a Commissioner at the U.S. Securities and Exchange Commission (SEC), emphasized the importance of clarity and transparency in regulatory enforcement actions.

 

He talked about the need of proposing definitive rules or guidance for the cryptocurrency market, rather than relying predominantly on enforcement actions.

 

Transparency and fairness touted as the need of the hour

 

Uyeda emphasized the immense authority the SEC holds in administering and enforcing federal securities laws.

However, Uyeda cautioned that the ease with which the SEC can launch investigations, even when there is no concrete evidence, must be accompanied by objective and articulable standards.

 

Uyeda addressed the SEC’s approach to cryptocurrencies and digital assets. He highlighted the ongoing challenge of determining whether these instruments qualify as securities.

 

Uyeda added that the current enforcement-led strategy is likely to result in protracted legal battles before any clear precedents are established.

 

He suggested that the SEC should have proactively contributed to creating regulatory guidance in this area instead of relying on post hoc enforcement actions.

 

SEC and crypto regulations

 

The remarks from commissioner Uyeda come at a time when the SEC has been clamping down on the crypto sector.

 

The SEC has sued a plethora of crypto firms and individuals in recent years, with their lawsuits against Binance [BNB], Ripple [XRP] and Coinbase [COIN] among the most well-known.

 

The lack of regulatory clarity for crypto has only added fuel to the fire for the SEC in the lawsuits. However, the general consensus in the crypto community to the SEC in this context has been largely critical.

 

Ripple’s executives publicly called out the SEC for the lawsuit. Coinbase also took issue with the SEC’s response to its rulemaking petition, deeming it vague and insufficient. Binance was also critical of the SEC in retrospect to the lawsuit.

 

The upcoming joint briefing between the SEC and Ripple on the 9th of November and the subsequent conclusion could be a turning point in the history of crypto and regulations in the United States.

 

Source : AMBCrypto / November 07, 2023

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.