Former SEC Official Criticizes Agency's Slow Pace in Regulating Rapidly Evolving Markets

According to Odaily, Marc Fagel, a former official of the U.S. Securities and Exchange Commission (SEC), has criticized the agency for its slow pace in regulating rapidly evolving markets. He expressed hope that Congress would intervene and regulate the cryptocurrency industry. Fagel stated that the SEC has a habit of ignoring rapidly developing new spaces. In relation to the SEC's investigation of unregistered companies without violation records, Fagel explained that registration is a requirement that facilitates information disclosure. He asserted that waiting for companies to commit violations before taking action is a passive approach that keeps the SEC constantly catching up.