Tension with the U.S. Securities and Exchange Commission (SEC) have risen following a sharp critique from Commissioner Mark Uyeda, who openly criticized the agency’s performance under the leadership of SEC Chair Gary Gensler. In a recent public hearing, Uyeda talked about his concerns about the SEC’s current rule-making process, and commented that they are below average when compared to the previous administrations.
🚨NEW: Hearing that Uyeda’s comment about the @SECGov’s work being “below average” under @GaryGensler’s leadership caused some internal friction post-hearing.
“I’ve served under six chairmen. Unfortunately, our condition today in rule-making, I would say, is below the average.” https://t.co/OzZPPljDZS
— Eleanor Terrett (@EleanorTerrett) September 25, 2024
Uyeda, who has served under six SEC chairmen, noted that the current state of the agency’s regulatory work was concerning. His comments are reportedly causing internal friction within the agency, reflecting broader dissatisfaction among staff and commissioners regarding Gensler’s leadership.
Gensler and His Failed Regulatory Attempts
Gensler, appointed in 2021, has been at the center of many regulatory debates, particularly concerning cryptocurrencies, NFTs, and increased enforcement actions across the financial industry. His aggressive and adamant approach to regulations has drawn criticism more than praise.
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Uyeda’s public critique highlights growing dissatisfaction among some within the SEC who feel that the agency is moving too quickly with regulation without giving it a proper thought. The internal disagreements could signal further division within the SEC, especially as it navigates complex issues such as digital asset regulation and securities law enforcement.
As the SEC faces increasing scrutiny from both Congress and the public, Uyeda’s comments add to the mounting pressure on Gensler to improve the agency’s performance and address concerns raised by his colleagues. The next steps for the SEC will be crucial as it continues to shape the future of U.S. financial regulation.
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