SEC commissioner says crypto suit withdrawals aimed to protect agency credibility

U.S. SEC Commissioner Mark Uyeda said the agency withdrew crypto-related lawsuits to avoid damaging the regulator’s credibility. According to Eleanor Terrett, host of the U.S. podcast "Crypto in America," Uyeda said continuing to defend legal interpretations in court that could soon be reversed would have risked undermining the SEC’s credibility. Uyeda added the SEC is moving toward a complete shift in its legal interpretation. Uyeda also said the SEC’s new innovation exemption framework for securities tokens is a kind of pilot program and could create significant opportunities for both new market entrants and established traditional financial firms.