Mark Uyeda, a Republican commissioner at the U.S. Securities and Exchange Commission (SEC), has signaled that he might focus on providing clearer rules for the cryptocurrency industry if he were chosen to lead the regulatory agency.
In a Nov. 22 interview with Fox Business, Uyeda expressed views aligned with President-elect Donald Trump’s stance on digital assets, critiquing outgoing SEC Chair Gary Gensler’s approach. Gensler, who announced his intention to resign effective Jan. 20—the same day Trump is set to take office—has often been accused of fostering an antagonistic environment for cryptocurrencies.
“As regulators, we must offer clarity where it’s due,” said Uyeda. “Some crypto assets do not fall under the SEC’s purview as securities. It’s crucial to define where our jurisdiction begins and ends.”
Speculation has risen about Trump potentially nominating Uyeda to helm the SEC, although the president-elect has yet to announce a candidate for the position. Trump has been actively assembling his administration since his Nov. 5 election victory, leaving the SEC leadership role among the few unfilled.
Uyeda also proposed the idea of creating regulatory sandboxes for blockchain and crypto projects to encourage domestic innovation. However, he emphasized that any significant regulatory reforms would need collaboration with Congress and the White House to ensure a unified approach.
“Addressing the regulatory overreach isn’t just about the SEC—it involves broader administrative changes across agencies,” he added.
While Uyeda avoided commenting directly on whether he would accept a nomination for SEC chair, his statements have fueled speculation. Some believe that Dan Gallagher, a prominent figure in the financial sector, was under consideration for the role, but Gallagher reportedly declined interest in a statement on Nov. 22.
Uyeda, who was originally nominated to the SEC by President Joe Biden in 2022 and reconfirmed in 2023, has consistently criticized the agency’s enforcement tactics toward crypto firms. He has argued that the SEC has failed to provide adequate guidance, leaving the industry operating under ambiguous rules.
The SEC announced on Nov. 22 that it had initiated 583 enforcement actions during the 2024 fiscal year, resulting in approximately $8.2 billion in financial penalties. High-profile cases included alleged Ponzi schemes like HyperFund and Novatech, as well as accusations of misleading crypto-related disclosures from Silvergate Capital.
As the search for Gensler’s successor continues, the future of crypto regulation in the U.S. hangs in the balance, with many hoping for a shift in strategy under new leadership.
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