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Big News: SEC’s Mark Uyeda Investigates Bill Hinman’s 2018 Crypto Speech
In a stunning move, Acting Chair Mark Uyeda of the Securities and Exchange Commission (SEC) has ordered an investigation into the agency’s previous stance on crypto regulations. The focus of this review is Bill Hinman’s controversial 2018 speech, which sparked heated debates in the cryptocurrency community.
For those unfamiliar, Hinman’s address centered around his notion that a crypto token’s classification as a security hinges more on its centralization rather than the manner in which it was sold. This idea has been widely criticized for being overly simplistic and potentially stifling innovation in the industry.
Uyeda’s decision to revisit this framework comes amid efforts to align with Executive Order 14192, which aims to streamline regulations and promote a more business-friendly environment. The move signals a significant shift in the SEC’s approach to crypto, indicating that the agency is willing to re-examine its stance on key issues.
As part of his review, Uyeda has also requested staff members to revisit several other critical documents, including:
1. A 2022 guide detailing market chaos and bankruptcies affecting crypto companies.
2. A risk alert issued in 2021 regarding investor threats stemming from unclear regulations.
3. A 2020 memo questioning the legality of banks holding digital assets.
4. An advisory published in 2021 concerning mutual funds investing in Bitcoin futures.
5. And finally, a note released in 2020 highlighting COVID-19’s impact on company disclosures.
This review is expected to lead to the relaxation of some of the stricter rules put in place during the tenure of former SEC Chair Gary Gensler. Critics have long accused Gensler of using his position to stifle innovation and protect established interests, rather than prioritizing investor protection.
With Uyeda at the helm, however, it appears that the agency is working to clear away regulatory hurdles and create a more conducive environment for crypto growth. To achieve this, the SEC has been holding roundtable discussions with industry leaders and collaborating closely with prominent players in the space.
The cryptocurrency community is eagerly awaiting developments on these fronts, as any significant changes could have far-reaching implications for the sector’s future.
Source: https://coinpedia.org/news/big-news-secs-mark-uyeda-investigates-bill-hinmans-2018-crypto-speech/
