- Acting SEC Chair Mark Uyeda criticized the lack of clear crypto rules and called for formal regulation.
- Uyeda cited past enforcement actions under the Biden-era SEC as harmful to innovation.
- He urged the Commission to adopt rulemaking that includes input from the entire crypto ecosystem.
With Paul Atkins just days away from officially stepping into the role of SEC Chair, Acting Chair Mark Uyeda didn’t hold back at a recent crypto task force roundtable in Washington, D.C. Held on March 21, the session saw Uyeda go hard on what he sees as the SEC’s biggest failure: the lack of clear rules for crypto.
In his remarks, Uyeda leaned on the classic 1946 SEC v. W.J. Howey Co. case, which laid out the so-called Howey Test—a standard still used to determine what counts as a “security.” But, according to Uyeda, the way the Biden-era SEC handled things only muddied the waters.
“Seventeen years after Satoshi dropped the Bitcoin whitepaper, we’re still stuck debating whether crypto is a security,” he said. “The Howey test wasn’t built for this.”
A History of Crackdowns
Uyeda also pointed to recent enforcement actions—think: Binance’s CZ, Ripple, and others—as examples of how the SEC under former chair Gary Gensler opted for punishment over clarity. He argued that under the Trump administration, the SEC should shift gears toward building proper regulations, not just slapping lawsuits.
The Call for Actual Rulemaking
Instead of enforcement-first tactics, Uyeda urged the Commission to use formal rulemaking—you know, the kind where everyone gets a say, from lawyers and market participants to regulators and academics.
He made it clear that crypto isn’t going away—and the SEC needs to catch up.
“It’s time to stop treating innovation like a threat,” Uyeda said. “Let’s guide the community, not fight it.”
With Atkins set to take the helm, crypto watchers are hoping this signals a fresh, more constructive chapter for U.S. crypto policy.
We’ll see if that hope turns into action.
