The US regulatory approach towards the crypto market is “unfortunate”, says the founder of Uniswap, Hayden Adams.
The approach to compliance with regulatory laws towards the cryptocurrency market in the United States is known for its extremism. In particular, the Securities and Exchange Commission (SEC) does not play a fair game when it comes to applying regulations against companies in the sector.
Such a situation is counterproductive for innovation, claims the founder of Uniswap, Hayden Adams.
During an interview with Laura Shin on the Unchained podcast, the crypto businessman criticized the regulatory authorities of the North American country regarding the treatment of the crypto sector. In his opinion, they have not been “very considerate or very good” with that industry. Adams further states that this approach is a barrier that hinders the development of the crypto industry in the US.
Earlier this month, the SEC slammed hard against the major digital currency trading exchanges, Coinbase and Binance. The agency accuses the platforms of allowing securities to be traded illegally. These companies reject that the tokens they trade belong to the category of assets over which the SEC has authority.
SEC is an Obstacle to Development, Says Uniswap Founder
Following the directives of most exchanges and other crypto firms, the SEC acts intransigently. Therefore, instead of looking for solutions in a sector that is taking its first steps, it is in charge of crushing it with the application of laws that are probably not compatible with the crypto area.
For the founder of Uniswap, the SEC is treating cryptocurrencies as if they were securities, which means that they are applying the same rules that work for traditional financial assets.
Adams further stated that this becomes extremely problematic, considering that cryptocurrencies are a new and evolving technology. In this sense, they cannot be adjusted to the laws established on securities. This forced framing of some assets towards laws that are not compatible with them, he points out, generates fear in the industry and inhibits ventures based on technological development.
At this point, the founder of Uniswap believes that the North American country should work on a new regulation for cryptocurrencies. This advance would allow the regulatory clarity that businessmen require. This vision is now the main battle flag of the companies in the sector in that nation.
The US Is Falling Behind in Crypto Development
The SEC’s “unfortunate and sad” approach to the treatment of crypto companies is hurting innovation in the US, says the founder of the Uniswap protocol. Competition with other markets appears to hurt the United States as a result of the agency’s conservative approach.
With clearer regulations, other countries will be able to boost innovation, while the United States lags behind. The worst of this could be that the projects in the North American country, harassed by the SEC, end up leaving for more “livable” places.
If the SEC considers a new category to include cryptocurrencies, the regulation would be considerably easier, according to Adams, who is definitely a strong critic of the SEC’s regulatory approach. In his opinion, the conservative approach must change, since it is detrimental to development and innovation in the US.
By Audy Castaneda
