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With President-elect Donald Trump preparing to take office in January 2025, many in the crypto sector anticipate a shift in the Securities and Exchange Commission’s (SEC) approach to cryptocurrency regulation.
Commissioner Mark Uyeda, known for his criticism of the agency’s strict regulatory stance under Chair Gary Gensler, could play a pivotal role in reshaping the SEC’s crypto policies.
Trump has pledged to halt what he considers an “anti-crypto crackdown” from the Biden administration, and Uyeda’s alignment with this vision may place him in the role of acting SEC chair early next year.
Will Trump’s SEC usher in a new crypto regulatory era?
Since joining the SEC in 2022, Uyeda has voiced concerns over the agency’s approach to crypto oversight, particularly under Gensler’s leadership.
Gensler has pursued over 100 enforcement actions against crypto firms, focusing on issues such as registration failures and fraud.
This aggressive stance has led to high-profile cases against firms like Coinbase, Ripple, and Kraken, as well as the collapse of FTX due to alleged fraud and money laundering.
Uyeda’s recent comments in an interview with FOX Business suggest he may support a freeze on new enforcement actions against crypto entities, specifically those accused of registration issues.
He argues that this could foster a more transparent regulatory environment, potentially offering much-needed clarity for the crypto market.
Could Peirce and Uyeda lead a pro-crypto transformation at the SEC?
If Trump follows through on his intention to “fire” Gensler on his first day, Gensler might still remain as an SEC commissioner until 2026, though he would lose his chair position.
In that case, Uyeda would likely serve as acting chair until a new appointment is made.
SEC Commissioner Hester Peirce, known in the industry as “Crypto Mom” for her supportive views on digital assets, may also take on a more significant role.
Although Peirce has shown interest in leading a specialised internal task force on crypto, she has reportedly opted not to seek the chair position.
Rumours indicate that Peirce and Uyeda are already in discussions about establishing this task force, which could work toward a more balanced and structured regulatory framework.
🚨ICYMI: A little Easter egg in my latest article about @SECGov commissioners @HesterPeirce and Mark Uyeda’s plans to create an internal crypto task force at the agency when @realDonaldTrump takes over in January. 👇🏼
This task force would aim to create clearer communication channels and guidelines for the crypto sector, addressing the growing demand from industry players for transparency and predictability in regulation.
Who could replace Gensler as SEC chair?
Trump’s administration has yet to confirm its preferred candidate for the permanent SEC chair role. Uyeda’s potential as acting chair could indicate a more pro-crypto stance under Trump’s tenure.
Industry insiders speculate that Uyeda, with his history of challenging the current regulatory approach, is well-positioned to serve as a transformative figure in the SEC.
Gensler’s aggressive enforcement strategy has sparked significant debate, and if Trump proceeds with his planned changes, Uyeda’s leadership might bring a more industry-friendly regulatory atmosphere.
Observers believe that, under Uyeda, the SEC may adopt policies that allow the crypto industry to grow while addressing legitimate compliance concerns.
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