In a fresh display of growing discord within the SEC, Commissioner Mark Uyeda has slammed the agency’s cryptocurrency policy, calling it a “disaster” for assets like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE). Despite rising criticism, Chairman Gary Gensler remains firm in enforcing the policy.

What Happened: During an interview with Fox Business on Thursday, Uyeda voiced his disapproval of the SEC’s approach to cryptocurrency regulation while discussing the latest lawsuit slapped by the regulator on Crypto.com, a cryptocurrency exchange.

“Our policies in the last several years have been really a disaster for the whole industry,” the commissioner said. “We have been setting these policies by enforcement.”

One of the two Republicans on the five-person commission, Uyeda acknowledged the “broader frustration” among cryptocurrency-based firms caused by a lack of clarity from the regulator on what can and cannot be done. He specifically talked about the confusion on securities offerings.

See Also: Tron Founder Justin Sun Appointed ‘Prime Minister’ Of A Crypto-Focused Micronation In Europe

Why It Matters: The SEC’s approach to cryptocurrency regulation has been a contentious issue. Uyeda and fellow commissioner Hester Peirce, often advocate for more progressive cryptocurrency policies.

Peirce has previously expressed concern about the SEC’s regulatory approach, stating that it could potentially eliminate several benefits that cryptocurrency offers.

On the other hand, Gensler has justified the agency’s aggressive approach on several platforms. In a recent event at the New York University School of Law, he indicated that the cryptocurrency industry was rife with "a lot of fraudsters, a lot of grifters, a lot of scams."

Under Gensler, the SEC has been increasingly vigilant against cryptocurrency firms, with many high-profile names including Binance (CRYPTO: BNB), Ripple Labs (CRYPTO: XRP), and Coinbase, facing lawsuits in recent years.

Gensler’s chairmanship has also become an election issue for cryptocurrency voters, with Republican presidential candidate Donald Trump promising to dismiss him if reelected.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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