SEC Commissioner Mark Uyeda deems the agencys method of handling cryptocurrency submissions as troublesome

SEC Commissioner Mark Uyeda has criticized the agency’s approach to crypto disclosure rules, stating that the generic approach used for crypto asset filings is “problematic.”
Uyeda announced the adoption of new rules and form amendments to enforce the Registered Index-Linked Annuities (RILA) Act in a statement on the SEC’s official website on July 1. This changes some of the requirements for how specific firms file their Form N-4 applications.
Although the statement seems unrelated to crypto at first glance, Uyeda took a subtle jab at the Gensler-led agency’s approach to regulating crypto assets when disclosing information in Form S-1 filings in footnote 3. He called for the Form S-1 filings to be updated to better reflect the unique nature of digital assets and criticized the current approach to crypto filings as “problematic.”
In a post to X on July 2, Alexander Grieve, head of government affairs at crypto venture capital firm Paradigm, said that this was the first time that Commissioner Uyeda had publicly called for a tailored disclosure regime for crypto assets to his knowledge.
“The SEC under a different admin would be a very different place,” Grieve added.
The Blockchain Association, a United States-based crypto advocacy group, also commended Uyeda’s comments in a post to X on July 2, stating that his “nuanced, innovation-forward approach” to crypto was exactly what the industry needs.
Uyeda’s statement comes just four days after his agency sued Ethereum development firm Consensys on June 28, alleging that its wallet application MetaMask acted as an unregistered broker involved in the “offer and sale of securities.” It also targeted Ethereum staking services including Lido DAO and Rocket Pool — the platforms that MetaMask uses for Ether (ETH) staking. Consensys sued the SEC in April after receiving a Wells notice from the agency, challenging potential attempts to classify ETH and related staking services as securities.