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Despite the US Securities and Exchange Commission (SEC) taking action in regulating  the crypto realm, not everyone within the regulator's walls agrees with the Chairperson’s decision. 

SEC Commissioner Mark Uyeda has sharply criticized the agency’s approach to regulating the crypto industry, calling it a “disaster” during an Oct. 10 Fox Business panel. 

Uyeda claimed that under SEC Chair Gary Gensler, the regulator has been enforcing policy through legal actions without offering clear rules or guidance for crypto firms. He pointed out that different court rulings have led to confusion and inconsistency across the industry.

Uyeda described the SEC’s policies as a “disaster” and emphasized the need for clear guidance on what falls under securities laws. He noted that the current approach was ineffective and needed to be reconsidered to better serve the industry.

Uyeda’s remarks came just a day after Crypto.com filed a lawsuit against the SEC, challenging a Wells Notice issued by the regulator. The crypto exchange accused the SEC of overstepping its authority, disputing the agency's view that most cryptocurrencies should be treated as securities.

Uyeda and fellow commissioner Hester Peirce have often pushed for a more progressive approach to crypto policy, but Gensler’s stance continues to dominate the agency's direction. Crypto firms have long criticized Gensler’s hardline approach, claiming the SEC’s rules are impractical for the evolving industry.