Marc Fagel, a former SEC official, criticized the agency for its slow pace in regulating the fast-growing market and hoped that Congress would intervene and regulate the cryptocurrency industry. Marc Fagel said that the SEC is accustomed to turning a blind eye to the rapidly developing new space. Regarding the SEC's pursuit of unregistered companies with no record of violations, Marc Fagel explained that registration is a requirement that facilitates information disclosure. He asserted that waiting for companies to violate regulations before taking action is a passive approach that will keep the SEC playing catch-up.
