Mark Uyeda, a commissioner at the U.S. Securities and Exchange Commission (SEC), stated that the reason the SEC withdrew cryptocurrency-related lawsuits was "to prevent damage to the regulatory body's credibility." According to Eleanor Terrett, host of the U.S. podcast ‘Crypto in America,’ he explained, "It was a judgment that continuing to defend a legal interpretation in court that would soon be overturned could actually harm the SEC's credibility. In particular, the SEC is moving towards a direction that changes its legal interpretation by 180 degrees." He added, "The SEC's new innovation exemption framework for security tokens is a kind of pilot. This framework will create many potential opportunities for both new market participants and existing traditional financial companies."
