Key takeaways
- Amid Gary Gensler’s departure, Mark Uyeda, one of the pioneers of the SEC, is promoting the use of regulatory sandboxes to foster crypto innovation.
- Uyeda highlighted the end of the “war on crypto” by establishing clear regulatory guidelines.
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SEC Commissioner Mark Uyeda made the case for safe harbors and regulatory sandboxes to foster crypto innovation during an interview with Fox Business with Stuart Varney.
Uyeda, a potential candidate for SEC chairman under Donald Trump’s administration, stressed the need to end what Trump called the “war on crypto” and establish clearer regulatory guidelines.
“Many crypto assets are not securities but are labeled as such,” Uyeda said during the interview with Stuart Varney.
He emphasized the importance of collaboration between Congress, the White House and regulatory agencies to create a comprehensive framework for the industry.
Asked about his potential nomination for SEC chairman, Uyeda replied: “That’s Trump’s decision to make.”
He noted that the next president will have to address regulatory challenges across several administrative agencies.
The discussion follows current SEC Chairman Gary Gensler’s announcement of his planned departure when Trump takes office on January 20, 2025.
Other potential candidates for the job include Teresa Goody Guillen of BakerHostetler, Robert Stebbins of Willkie Farr & Gallagher and former SEC Commissioner Paul Atkins.
Dan Gallagher, a former SEC commissioner who was widely considered a favorite for the role, ruled out becoming SEC chairman earlier today.
Speaking to CNBC, Gallagher said: “I made it clear to those involved that I did not wish to be considered for the role. »
Gallagher currently serves as Robinhood’s chief legal officer, a position he has held since 2020.
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