SEC's Uyeda Says Dropping Crypto Lawsuits Was Aimed at Protecting Agency 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 that were likely to be reversed could instead 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 create substantial opportunities for both new market participants and established traditional financial firms.
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Mark Uyeda, a commissioner at the U.S. Securities and Exchange Commission, said the agency dropped cryptocurrency-related lawsuits to avoid undermining the regulator's credibility.
Eleanor Terrett, host of the U.S. podcast "Crypto in America," said on September 23 that Uyeda explained it was better for the SEC not to keep defending legal interpretations in court that were likely to be reversed soon.
He added that the SEC is moving toward a 180-degree shift in its legal interpretation.
Uyeda also described the SEC's new innovation exemption framework for security tokens as "a kind of pilot," saying it could offer substantial opportunities for both new market participants and traditional financial firms.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.