SEC Commissioner Mark Uyeda supports President-elect Trump’s pro-crypto stance, opposing the agency’s current approach. Uyeda is also considered a potential successor to SEC Chair Gary Gensler, expected to be dismissed in January 2025.
SEC Commissioner Mark Uyeda is in opposition to the agency’s current approach and supports President-elect Trump’s pro-crypto stance. Uyeda is also regarded as a potential successor to Gary Gensler, the SEC Chair, who is anticipated to be dismissed in January 2025.
Mark Uyeda has expressed his support for Donald Trump’s initiative to create a crypto-friendly environment in the United States in the wake of the Republican’s victory in the November 5 presidential election, according to a recent report by Fox Business.
The US securities regulator must change its operational approach from the hostile regulatory approach of the Biden administration and cease the war on the digital asset industry, as stated by the SEC Commissioner, who is also a Republican party member and a vocal crypto supporter, in accordance with Trump’s objectives.
Mark Uyeda, in particular, advised the SEC to refrain from pursuing enforcement actions against crypto entities that were not accused of fraud but had failed to register with the Commission.
It is worth noting that the SEC has initiated numerous litigation against cryptocurrency companies, such as Ripple and Coinbase, during Gary Gensler’s tenure, for offering unregistered securities. The Commission Chair is of the opinion that all cryptocurrencies, with the exception of Bitcoin and Ethereum, are classified as securities.
According to Uyeda, the SEC must suspend all new enforcement actions that are based on this same premise until there are clearly defined regulations in place to navigate this course. The Commission’s new stance is likely to be taken into account by judges when making a ruling, although the adoption of this concept may not result in the closure of active court cases.
Mark Uyeda is of the opinion that the SEC should be in alignment with Trump’s objective of fostering a thriving US crypto industry, as determined by the American populace. The Commissioner stated:
President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.
Donald Trump has made it clear that he intends to terminate Gary Gensler’s tenure as SEC Chair on his first day in office. Numerous names have continued to emerge as potential replacements in Trump’s pro-crypto regime, as the guillotine hangs over the former Goldman Sachs executive.
Mark Uyeda is one of the potential replacements for Gensler, according to Fox Business, following his most recent commentary. However, the SEC executive who has been in office for an extended period of time is reportedly in competition with the Chief Legal Officer of Robinhood Market Inc., Dan Gallagher, and Wall Street Lawyer Richard Farley.
The identity of the 47th US President’s nominee for the position of SEC chairman remains a matter of public speculation; however, the crypto community remains optimistic that the individual will be able to facilitate substantial growth in the US digital asset sector.
