SEC commissioner confesses its crypto approach has fueled 'disaster for the whole industry'

Published On Oct 10, 2024, 10:05 AM

SEC Commissioner Mark Uyeda acknowledged that the agency's handling of cryptocurrency regulations has caused significant harm to the industry, criticizing a lack of clear guidance and relying on enforcement actions instead. This admission follows lawsuits from crypto companies like Crypto.com and Coinbase against the SEC for overstepping its regulatory role. Uyeda emphasized the need for clearer regulations to help crypto firms understand their obligations under securities laws.

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Stock Forecasts

COINView COIN chart on TradingView

Negative

Due to the SEC's admission and ongoing legal battles, investor confidence in broad regulatory frameworks around cryptocurrencies may stay low, impacting the share prices of crypto-related firms negatively in the near term.

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Positive

Following the SEC's acknowledgment of their flawed approach, there could be pressure for legislative changes that may benefit compliant crypto companies in the longer term, creating potential for future growth in key players.

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