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Next year, the U.S. Securities and Exchange Commission (SEC) may reconsider its approach to regulating cryptocurrencies. The expected changes in the agency's management and regulatory strategy may signal a softening of the SEC's stance on the crypto industry. These changes reflect the desire for greater dialogue and transparency in the management of the rapidly developing digital asset market.
Changes in the composition of the SEC: the beginning of a new era
With the departure of SEC Chairman Gary Gensler and pending the approval of new candidates by the Senate, only two commission members will remain in the agency — Esther Pierce and Mark Ueda, both representing the Republican Party. This temporary period may be a turning point in SEC policy. Pierce, who has established herself as a proponent of a progressive approach to regulating cryptocurrencies, noted that the agency has a wide range of tools, but often relies on coercive measures.
Speaking at the Blockchain Association summit, she said that a change in the composition of the commission could open the door to a review of the SEC's regulatory methods and business strategy. Pierce pointed out the need for a more constructive approach that takes into account the complexity and diversity of the crypto sector.
Transparency and public participation: key challenges
Mark Ujeda, in turn, emphasized the importance of transparency in the process of developing regulatory policy. He noted that many discussions within the agency are held behind closed doors, which raises concerns about accountability.
The SAB 121 policy, which obliges digital asset custodians to reflect liabilities and related assets in their balance sheets, has been particularly criticized. This measure was introduced without prior discussion with the public, which contradicts the principles of the Law on Administrative Procedures. Despite the fact that Congress voted to repeal SAB 121, President Joe Biden vetoed the policy, leaving it in force.
Ujeda and Pierce stressed that public involvement in the development of regulations should be a priority. This will not only take into account the interests of market participants, but also increase confidence in the work of the SEC.
The need for cooperation: a look into the future
Esther Pierce also addressed the cryptocurrency industry, stating that successful progress will require efforts from both sides. She stressed that the current state of relations between regulators and the crypto sector leaves much to be desired, but cooperation is possible if there is a common goal.
"Moving forward will require the efforts of both sides, but it is achievable," Pierce said.
This comment reflects the SEC's desire to work towards a more stable and predictable regulatory environment that meets the interests of both government agencies and crypto market participants.
A Potential Turning Point for the SEC and the Crypto Industry
The new composition of the SEC is likely to focus on revising the current rules and developing a more flexible regulatory approach. The focus will be on transparency, public participation and collaboration with the industry. These changes can not only mitigate the agency's previously harsh approach, but also lay the foundation for the sustainable development of the cryptocurrency market.
For the crypto sector, these changes open up opportunities for more active interaction with regulators. By focusing on transparency and dialogue, both sides will be able to create a solid foundation for the development of the digital economy in the United States.