According to Cointelegraph, Mark Uyeda, a Republican commissioner at the United States Securities and Exchange Commission (SEC), has expressed his commitment to enhancing regulatory clarity for cryptocurrencies if he is chosen and confirmed as the next head of the agency. In a conversation with Fox Business on November 22, Uyeda aligned with several of President-elect Donald Trump's views on digital assets, criticizing the SEC under Chair Gary Gensler for what he described as a "war on crypto." Gensler announced his intention to step down as SEC Chair on January 20, coinciding with Trump's scheduled inauguration.
Uyeda emphasized the need for regulatory clarity, stating, "First off, from a regulatory perspective, we can provide the appropriate clarity. Some crypto is not even a security at all, but we need to make clear whether you fall within SEC jurisdiction or not." Experts have speculated that Trump might consider Uyeda as a potential candidate for the SEC Chair position following Gensler's departure. While the president-elect has announced several candidates for various roles in his administration after winning the November 5 election, no decision has been made regarding the leadership of the securities regulator.
Uyeda suggested that the SEC could explore the creation of regulatory sandboxes for crypto projects to foster innovation in the United States. He noted that any regulatory changes would require collaboration with Congress and the White House to ensure a "cohesive and comprehensive approach." He further commented, "Whoever steps into that job, there is a lot of work that needs to be done to address some of the regulatory excesses, not only at the SEC but at other administrative agencies."
The SEC commissioner refrained from commenting on his willingness to accept the top position at the regulator. Dan Gallagher, considered a leading contender by many, reportedly expressed disinterest in the role on November 22. President Joe Biden had nominated Uyeda to fill a vacant seat at the SEC in 2022 and for a second term in 2023. During his tenure as a commissioner, Uyeda has been critical of the SEC's enforcement actions against crypto firms, arguing that the agency has not provided clear regulatory guidelines.
The SEC reported on November 22 that it had initiated 583 enforcement actions in the 2024 fiscal year, resulting in approximately $8.2 billion in financial remedies. Notable enforcement cases included alleged Ponzi schemes HyperFund and Novatech, as well as "false and misleading disclosures to investors" regarding crypto exposure from Silvergate Capital.