<\/p>\n
Hester Pierce and Mark Uyeda have published a letter in clear opposition to the SEC\u2019s position on crypto.<\/p>\n
Two SEC commissioners published a scathing letter<\/a> on Mar. 5 criticizing the agency for its treatment of cryptocurrency exchange ShapeShift<\/a>. They also denounced the SEC\u2019s approach<\/a> toward the broader digital asset industry.<\/p>\n The letter comes after a settlement between ShapeShift and the Securities and Exchange Commission. The crypto company was charged with offering unregistered securities, although it disbanded in 2021, converting itself into a DAO \u2013 embracing<\/a> the DeFi ethos.<\/p>\n Hester M. Pierce<\/a> \u2013 who has been outspokenly pro-crypto \u2013 and Mark T. Uyeda were categorical yesterday, calling the enforcement action against Shapeshift the \u201clatest installment in the serial drama of the Commission\u2019s poorly conceived<\/a> crypto policy.\u201d<\/p>\n In the letter, they make two main claims: that the SEC doesn\u2019t specify which of the 79 crypto assets on ShapeShift\u2019s former platform constitute investment contracts, and the agency doesn\u2019t allege any fraud or consumer harm occurred.<\/p>\n <\/p>\n Notably, Pierce and Uyeda wrote a futuristic dialogue between a potential provider of digital assets and the SEC, ridiculing the latter for its ambiguity towards crypto.<\/p>\n The letter signals that the SEC isn\u2019t entirely united when it comes to crypto.<\/p>\n