The U.S. Securities and Exchange Commission (SEC) has caused regulatory confusion due to its conflicting signals regarding the status of cryptocurrencies, increasing uncertainty about the future of oversight. In a stern statement on May 31, Commissioner Caroline A. Crenshaw criticized the agency's handling of digital assets, pointing to inconsistencies in its positions, particularly regarding whether currencies like Ethereum (ETH) and Solana (SOL) are considered securities.
Crenshaw noted that agency staff issued statements between February and April 2025 denying that many digital assets are classified as securities, including those related to meme markets and stablecoins. However, she observed that the agency did not object to new investment funds treating ETH and SOL as securities, raising questions about regulatory consistency.
She questioned: how can these assets not be securities upon registration, yet become so when new products are launched? Warning that this approach increases ambiguity rather than achieving clarity.
In contrast, supporters of cryptocurrencies, such as Commissioner Hester M. Peirce, argued that most digital assets are not securities, reflecting a division within the agency on how to regulate this rapidly evolving market.#SECCryptoAccounting
