Mark Uyeda, a Republican commissioner at the United States Securities and Exchange Commission (SEC), has suggested that he would prioritize regulatory clarity for cryptocurrencies if picked and confirmed as the next head of the agency.
Speaking to Fox Business on Nov. 22, Uyeda echoed many of President-elect Donald Trump’s talking points on digital assets, claiming that the SEC under Chair Gary Gensler had waged a “war on crypto.” Gensler announced on Nov. 21 that he intended to step down as SEC Chair on Jan. 20 — the same day as Trump’s scheduled inauguration.
“First off, from a regulatory perspective, we can provide the appropriate clarity,” said Uyeda. “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 suggested that Trump could consider picking Uyeda as the next SEC Chair following Gensler’s departure. The president-elect has announced several candidates for various positions in his administration after winning the Nov. 5 election, but no one to lead the securities regulator at the time of publication.
Uyeda said the SEC could consider creating regulatory sandboxes for crypto projects to further US innovation, adding that any changes would require coordination with Congress and the White House for a “cohesive and comprehensive approach.”
He added:
“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.”
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The SEC commissioner declined to comment on whether he would be willing to accept the top job at the regulator. Many considered Dan Gallagher one of Trump’s leading contenders, but the Robinhood executive reportedly said on Nov. 22 that he wasn’t interested in the role.
US President Joe Biden nominated Uyeda to fill a vacant seat at the SEC in 2022 and for a second term in 2023. During his time as a commissioner, Uyeda criticized the SEC for enforcement actions against crypto firms, claiming that the body had not provided clear rules of the road.
The SEC reported on Nov. 22 that it had filed 583 total enforcement actions in the 2024 fiscal year, ordering roughly $8.2 billion in financial remedies. Among the significant enforcement cases included alleged Ponzi schemes HyperFund and Novatech, as well as “false and misleading disclosures to investors” about crypto exposure from Silvergate Capital.
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