Mark Uyeda, a Republican SEC Commissioner, has expressed his intention to support president-elect Donald Trump’s promise to end what he refers to as the Biden Administration’s “war on crypto.” Uyeda, who has served on the commission since 2022 and is expected to become the acting chair when Trump takes office in January, shared his plans with FOX Business.
Uyeda proposed that the SEC pause new enforcement actions against firms that have failed to register with the commission until clear regulatory guidelines are established. “The Commission’s war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm,” Uyeda said. “President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.”
His comments reflect Trump’s campaign promise to halt the aggressive stance taken by current SEC Chair Gary Gensler, who has spearheaded more than 100 enforcement actions against the crypto industry in recent years. While many of these cases involved legitimate issues like fraud and money laundering—such as those involving FTX founder Sam Bankman-Fried—others targeted companies like Coinbase, Ripple, Kraken, Consensys, and Cumberland DRW for alleged violations related to the sale of unregistered securities.
It remains unclear what a pause on enforcement actions would mean for companies currently facing litigation, like Coinbase and Ripple. However, such a policy shift could influence ongoing court cases, as judges may take the SEC’s new position into account.
Gensler’s view that all cryptocurrencies, except Bitcoin and Ether, fall under SEC jurisdiction has drawn significant pushback from the crypto industry, legal experts, and some lawmakers. He has also faced criticism from fellow SEC commissioners, including Uyeda and Hester Peirce, who advocate for clearer and more transparent regulations and greater collaboration with industry stakeholders.
Although Trump has promised to “fire” Gensler on his first day in office, the president-elect only has the power to remove Gensler from his chairmanship. Gensler could remain a commissioner until his term expires in 2026, and some believe he might choose to stay on to block Trump’s regulatory changes. It’s expected that Trump will elevate Uyeda to lead the SEC, at least temporarily, until a new chair is appointed.
Peirce, known as “Crypto Mom” for her favorable views on digital assets, has suggested that she does not want to be chair. Instead, sources say she is interested in leading an internal “crypto task force” to reassess the SEC’s approach to digital assets and foster an open dialogue with the industry.
Uyeda has been a vocal critic of the SEC’s handling of digital asset regulation. Last month, during an appearance on FOX Business, he called the SEC’s crypto policies a “disaster for the whole industry,” lamenting the agency’s reliance on enforcement actions without providing clear guidance.
“We have been sending this ‘policy through enforcement,’ we’ve done nothing to provide guidance on it,” Uyeda stated.
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