SEC Commissioner Mark Uyeda said on Sept. 23 that the agency has dropped several crypto cases inherited from the previous administration, arguing that continuing to defend legal interpretations it was preparing to reverse would have hurt the SEC’s credibility. His comments were reported by Eleanor Terrett, host of the U.S. podcast Crypto in America.
Uyeda described the shift as a “180-degree change” in the agency’s legal approach to crypto. He said regulators should not defend positions they expect to abandon, because doing so could weaken market confidence if the SEC’s interpretation later changes.
The move includes an Innovation Exemption for tokenized securities, described as a pilot initiative that could foster innovation and attract new participants to the financial landscape. Industry stakeholders are closely monitoring the development for potential new regulatory clarity. Traders are watching upcoming SEC announcements on the exemption and any further guidelines that could stabilize the market and encourage institutional investment.
