SEC official Mark Uyeda criticized the Commission's cryptocurrency policy, describing the SEC's approach to crypto as "problematic."
In a statement on the SEC's official website on July 1, Uyeda announced the adoption of new rules and form changes to implement the Registered Index-Linked Annuities (RILA) Act. It also noted that some requirements have been changed for certain firms' Form N-4 applications.
While at first glance, the statement seemed unrelated to crypto, the footnotes contained a subtle touch on how the government agency led by Gensler approaches the regulation of crypto assets, particularly when disclosing information on Form S-1 documents.
In footnote 3, Uyeda called for Form S-1 filings used by firms when going public or registering new securities to be updated to better reflect the nature of digital assets and criticized the agency's current approach to crypto filings.
“For cryptocurrencies, this approach is problematic because it neither facilitates capital formation nor protects investors. “Many of these issuers and crypto digital assets have features where Form S-1 may require information that is not technically relevant or applicable, but does not require specific information that may be material,” he said.
Alexander Grieve, director of government affairs at crypto venture capital firm Paradigm, noted in a post shared on “The SEC would be a very different place under a different administration,” Grieve said.
The Blockchain Association, a United States-based crypto advocacy group, also praised Uyeda's comments in a post on X on July 2, saying his "nuanced, innovation-oriented approach" to crypto is exactly what the industry needs.
The SEC filed a lawsuit against Ethereum developer Consensys and MetaMask on June 28 and also targeted ETH staking platforms Lido DAO and Rocket Pool.
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