A recent settlement between the Securities and Exchange Commission (SEC) and cryptocurrency firm ShapeShift has received criticism from within the agency. SEC Commissioners Hester Peirce and Mark Uyeda have made public statements to show their dissatisfaction with the current situation when they believe that the SEC, in general, and this enforcement case in particular, has reinforced the ambiguity of the SEC approach to cryptocurrency regulation.
SEC Commissioners Criticism
However, Peirce and Uyeda’s criticism is the SEC’s use of the Howey Test— a standard derived from a 1946 U.S. Supreme Court case— to classify some assets.
Notwithstanding this standard, the commissioners indicated that the recent order by the SEC against ShapeShift did not specify which of the 79 crypto assets involved were considered investment contracts or give a justification for such classifications. Peirce and Uyeda argue that the lack of specificity results in more general uncertainty about its class
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