Commissioner Mark Uyeda Critiques SECs Method for Handling Cryptocurrency Submissions as Troublesome

SEC Commissioner Mark Uyeda has criticized the agency’s approach to disclosing crypto assets, calling it “problematic.” In a statement on the SEC’s website, Uyeda announced new rules and form amendments for Registered Index-Linked Annuities (RILA) Act filings. While seemingly unrelated to crypto, the statement included a subtle criticism of the agency’s handling of crypto asset disclosures in Form S-1 filings. Uyeda called for these filings to be updated to better reflect the unique nature of digital assets. Alexander Grieve, head of government affairs at Paradigm, praised Uyeda’s call for a tailored disclosure regime for crypto assets. The Blockchain Association also commended Uyeda’s approach to crypto. This statement comes shortly after the SEC sued Ethereum development firm Consensys, alleging that its wallet application MetaMask acted as an unregistered broker involved in the sale of securities. Consensys had previously sued the SEC in April over potential attempts to classify ETH and related services as securities.