Mark Uyeda, a Republican commissioner of the U.S. Securities and Exchange Commission (SEC), said he would prioritize regulatory clarity for cryptocurrencies if elected as the next chairman, Cointelegraph reported.
Uyeda said in an interview with Fox Business that current chairman Gary Gensler has waged a "war" on cryptocurrencies. Gensler announced he will step down on January 20, the same day as Trump's inauguration.
Uyeda stressed the need for clarity on which cryptocurrencies fall under SEC regulation and suggested creating a regulatory sandbox for crypto projects to promote innovation in the United States.
Trump may consider nominating Uyeda to succeed him as SEC chairman, but has not yet announced a specific candidate. Uyeda criticized the SEC's enforcement actions against crypto companies, saying it did not provide clear rules.
The SEC reported that it filed 583 enforcement actions in fiscal year 2024, involving approximately $8.2 billion in financial remediation.