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SEC Commissioner Mark Uyeda, known for his vocal criticism of the agency’s approach to crypto regulation, is backing President-elect Donald Trump’s pledge to end what many see as the Biden Administration’s anti-crypto crackdown. Uyeda, who joined the SEC in 2022, could assume the acting chair role 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.
Will SEC’s Approach to Crypto Enforcement Change?
Uyeda’s comments align with Trump’s campaign promises to rein in the enforcement actions led by current SEC Chair Gary Gensler. Under Gensler’s leadership, the SEC has pursued over a hundred enforcement cases against crypto firms, targeting high-profile cases like FTX for fraud and money laundering, and cases involving firms such as Coinbase, Ripple, and Kraken for registration failures.
Gensler’s broad interpretation that most crypto tokens fall under SEC jurisdiction has been met with strong industry pushback, and a potential leadership change could mean a more transparent and structured regulatory framework.
Speculation on Gensler’s Future and Peirce’s Role
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.
Eleanor Terrett recently revealed that Peirce and Uyeda are discussing plans for an internal crypto task force to reshape the SEC’s regulatory approach to digital assets. Peirce has expressed interest in leading this task force rather than taking on the chair role, which would focus on establishing clearer communication and guidelines for the crypto industry.
Who will Replace Gary Gensler as the New SEC chair?
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.