SEC Commissioner Mark Uyeda, a vocal critic of the agency’s recent approach to crypto regulation, is supporting President-elect Donald Trump’s promise to end what many see as the Biden Administration’s crackdown on the crypto industry. Having joined the SEC in 2022, Uyeda is now considered a top contender to take over as acting chair when Trump takes office in January 2025.
Speaking with FOX Business, Uyeda suggested that a pause on new enforcement actions against crypto firms—particularly those related to registration issues—would be a step toward establishing clearer regulatory guidelines.
Over a decade, the crypto market has faced massive regulatory issues, and with Trump’s win, the market is buzzing with a pro-crypto leader in SEC chair. Let’s understand why Uyeda is posing the best chance of taking the position.
Uyeda’s stance aligns with Trump’s promise to scale back the aggressive enforcement actions taken by current SEC Chair Gary Gensler. Under Gensler’s leadership, the SEC has filed over 100 enforcement cases against crypto firms, targeting high-profile cases like FTX for fraud, as well as Coinbase, Ripple, and Kraken for registration violations.
Gensler’s broad interpretation that most crypto tokens fall under SEC jurisdiction has faced strong pushback from the industry. A leadership change at the SEC could lead to a more transparent and structured regulatory framework that many hope will allow the crypto market to thrive.
While Trump has pledged to “fire” Gensler on his first day in office, he can only remove Gensler from the chair position, leaving him the option to remain a commissioner until his term expires in 2026. In this scenario, Uyeda would likely lead the SEC in an acting capacity until Trump appoints a new chair. Notably, SEC Commissioner Hester Peirce, often called “Crypto Mom” for her pro-crypto stance, may have a role beyond the chair position.
Recently, FOX Business’s Eleanor Terrett reported that Peirce and Uyeda have discussed creating an internal SEC task force focused on reforming the agency’s approach to digital assets. Peirce, who has expressed interest in leading this effort, aims to improve communication with the crypto industry and establish clearer regulatory guidelines, rather than pursuing the chair role herself.
Mark Uyeda is likely to replace Gary Gensler as the new SEC chair when President-elect Donald Trump takes office in January 2025. Uyeda is expected to serve as the acting chair until Trump appoints a permanent chair.
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