Mark Uyeda, a Republican SEC commissioner, has indicated a potential shift toward regulatory clarity for cryptocurrencies if selected as the next SEC chair. In a Nov. 22 interview with Fox Business, Uyeda expressed concerns over the agency’s aggressive stance under outgoing Chair Gary Gensler, labeling it a “war on crypto.”
“From a regulatory perspective, we need to provide the appropriate clarity,” Uyeda stated. “Some crypto is not even a security, but we need to make clear whether you fall within SEC jurisdiction or not.”
Uyeda floated the idea of regulatory sandboxes for crypto projects, emphasizing that such measures would foster U.S. innovation while requiring collaboration with Congress and the White House.
Trump’s Search for a New SEC Chair
President-elect Donald Trump has yet to announce his pick for the SEC leadership following Gensler’s resignation, effective Jan. 20, 2025. While Uyeda is a potential contender, Robinhood executive Dan Gallagher reportedly declined interest in the role.
During his tenure at the SEC, Uyeda has been critical of enforcement-driven policies targeting crypto firms, advocating instead for transparent guidelines.
Enforcement Record Under Gensler
The SEC reported 583 enforcement actions in fiscal year 2024, with $8.2 billion in financial penalties, including cases against high-profile crypto firms like HyperFund and Silvergate Capital.
With Uyeda's pro-crypto remarks aligning with Trump’s broader agenda of making the U.S. a “crypto capital,” market participants are closely watching for the administration’s choice to lead the regulator in 2025, according to Cointelegraph.