SEC’s Uyeda Says Dropping Crypto Lawsuits Was Meant to Protect Regulator’s Credibility
Summary
- Mark Uyeda, a commissioner at the U.S. Securities and Exchange Commission, said the SEC’s withdrawal of cryptocurrency-related lawsuits was intended to prevent damage to the regulator’s credibility.
- Uyeda said the SEC concluded that continuing to defend legal interpretations in court that were likely to be reversed soon could undermine the agency’s credibility.
- Uyeda added that the SEC’s new innovation exemption framework for security tokens is a kind of pilot and could provide substantial potential opportunities for both new market entrants and established traditional financial firms.
Forecast Trend Report by Period
Mark Uyeda, a commissioner at the U.S. Securities and Exchange Commission, said the agency dropped cryptocurrency-related lawsuits to avoid damaging the regulator’s credibility.
Eleanor Terrett, host of the U.S. podcast “Crypto in America,” said on September 23 that Uyeda had said continuing to defend legal interpretations in court that were likely to be reversed soon could instead undermine the SEC’s credibility.
He added that the SEC is moving toward a 180-degree shift in some of its legal interpretations.
Uyeda also described the SEC’s new innovation exemption framework for security tokens as “a kind of pilot,” adding that it could create many potential opportunities for both new market entrants and established traditional financial firms.
