Recent disagreements within the SEC revolve around the liquid staking guidance, as Commissioner Crenshaw voiced strong criticism while Chairman Atkins praised the new guidance.
Crenshaw's Critique
SEC Commissioner Crenshaw openly criticized the liquid staking guidance, calling it a 'wobbly wall of facts without an anchor in reality.' She argues that this guidance should not be considered the official stance of the commission and should not give comfort to liquid staking providers.
Differences in Leadership Opinions
While Crenshaw condemns the guidance, SEC Chairman Paul Atkins characterized it as a 'big step forward' under his Project Crypto initiative. He views it as progress in clarifying SEC's jurisdiction concerning crypto assets.
Industry Issues
Crenshaw expresses concern that poorly grounded guidance might lead to non-compliance among businesses if the law changes. Given the multibillion-dollar nature of liquid staking, clear guidance from regulators is essential for maintaining innovation and legal compliance.
The disagreements within the SEC underscore the complexities of balancing innovation in the crypto industry with the need for legal clarity. Crenshaw warns against relying on non-binding staff interpretations as the SEC continues to work on crypto asset regulation.
