SEC Commissioner: SEC's cryptocurrency policy lacks clear guidance... approach is wrong

U.S. Securities and Exchange Commission (SEC) Commissioner Mark Uyeda has pointed out that the SEC's approach to regulating cryptocurrencies is flawed.
On the 10th (local time), Commissioner Uyeda appeared on a Fox Business panel and said, "SEC Chairman Gary
Gensler has created clear rules and guidelines that crypto companies can follow.
"We are currently enforcing cryptocurrency policies," he said, arguing that "clear guidelines must be provided before enforcement action is initiated."
"The agency's policies and approach over the past few years have been truly disastrous for the entire industry," he said.
We have sent this policy through enforcement but have not provided any guidelines for it. As a result, this issue has been dealt with in court and different courts have given different rulings.
Ueda's comments came a day after cryptocurrency exchange Crypto.com filed a lawsuit against the SEC. According to the exchange, the SEC has
In response to a question about the effectiveness of the SEC's digital asset policy, Ueda said, "We are taking the following measures:
"This approach appears to be misguided," he said, stressing the need for clear guidance and interpretation of what is and is not included in the securities laws.