Mark Uyeda, Commissioner of the United States Securities and Exchange Commission (SEC), has expressed his full support for US President-elect Donald Trump’s plan to end hostility against the crypto industry. Interestingly, Uyeda has been touted as one of the potential replacements for SEC Chairman Gary Gensler, who is expected to be fired when Trump is inaugurated in January 2025.
SEC War on Crypto Must End, Says Mark Uyeda
According to a recent report from Fox Business, Mark Uyeda supported Donald Trump’s plan to establish a crypto-friendly environment in the United States following the Republican’s victory in the November 5 presidential elections.
In line with Trump’s goals, the SEC commissioner, who is also a member of the Republican Party and a strong supporter of crypto, said the US securities regulator must embrace an operational shift from a hostile regulatory approach under the Biden administration and end the war on digital assets. industry.
In particular, Mark Uyeda pushed the SEC to forgo taking enforcement action against crypto entities without allegations of fraud, but only for failing to register with the Commission.
Notably, under Gary Gensler’s tenure, the SEC has launched several lawsuits against crypto companies, such as Coinbase and Ripple, for offering unregistered securities, as the Commission Chairman believes that all cryptocurrencies, at with the exception of Bitcoin and Ethereum, must be classified as securities.
Uyeda says the SEC must halt all new enforcement actions based on this same principle until clear regulations are put in place to follow this path. Interestingly, adopting this idea may not close current court cases, but judges will likely consider the Commission’s new position before making their decision.
Mark Uyeda believes it is important that the SEC aligns with Trump’s goal of a thriving American crypto industry, chosen by the American people. The commissioner said:
President Trump and the American electorate have sent a clear message. Starting in 2025, the role of the SEC is to fulfill this mandate.
Who will replace Gary Gensler?
In no uncertain terms, Donald Trump has pledged to fire Gary Gensler as SEC chairman on his first day in office. As the guillotine looms over the former Goldman Sachs executive, several names continue to emerge as potential replacements in Trump’s pro-crypto regime.
Following his most recent comment, Fox Business understands that Mark Uyeda is one of Gensler’s potential replacements on January 5. However, the longtime SEC executive is also reportedly competing with Robinhood Market Inc. Chief Legal Officer Dan Gallagher. like Wall Street lawyer Richard Farley.
Who the 47th US president will choose as the new SEC boss remains a public mystery, but the crypto community remains hopeful for an appointee who will facilitate the meaningful development of the US digital assets industry.
Featured image from Pensions and Investment, chart from Tradingview
