With Gary Gensler out of class, what will be the first step for SEC Acting Chairman Uyeda to take office?

Author: Azuma, Odaily Planet Daily

In the early morning of January 21, the U.S. Securities and Exchange Commission (SEC) officially issued a statement announcing that today will be Gary Gensler's last day as SEC Chairman. The head of the SEC, who has had countless entanglements with the cryptocurrency industry over the past three years, finally said goodbye.

Shortly afterwards, the White House released another document announcing that current SEC Commissioner Mark Uyeda will serve as acting chairman of the SEC. He will temporarily lead the SEC, an agency critical to industry regulation, until the new SEC chairman (expected to be Paul Atkins) is determined and takes office. .

Uyeda is a member of the Republican Party and has served as an SEC commissioner since June 30, 2022. Before becoming an SEC member, Uyeda served in the SEC for more than 15 years and has extensive front-line work experience.

What is the attitude towards cryptocurrencies?

When it comes to cryptocurrency, Uyeda has always had a friendly attitude. Together with "crypto mom" Hester Peirce, she was regarded by the industry as a staunch ally in the SEC.

Uyeda also cast a crucial vote in favor of last year’s ETF resolution on the development of the entire industry.

Although he is in the SEC, Uyeda does not agree with Gary Gensler's strong enforcement actions against the industry. Together with Peirce, he has opposed multiple enforcement actions initiated by the SEC against industry projects.

In October last year, Uyeda said in an interview with Fox Business that Trump had described the SEC's past actions as a "war on cryptocurrencies" and that this situation must be ended and clearer regulatory guidelines must be formulated.

“I think our policies and practices over the past few years have been a real disaster for the entire crypto industry. We’ve been pushing an ‘enforcement policy’ and we’ve done nothing to provide guidance.”

Last week, Reuters reported that multiple people familiar with the matter revealed that top Republicans at the SEC are preparing to begin reforming the agency’s cryptocurrency policy as soon as Trump takes office. Among the steps Uyeda and Peirce are considering include initiating procedures that could ultimately lead to guidance or rules clarifying the circumstances under which the agency considers cryptocurrencies to be securities and reviewing some of the cryptocurrency enforcement cases currently before the courts.

SEC follow-up matters

It should be emphasized that Uyeda is only acting chairman of the SEC. Trump has nominated former SEC Commissioner Paul Atkins to officially run the agency, but it is unclear when Atkins' appointment will be approved, but it is expected that Uyeda will still make some substantial contributions as the interim head of the agency before Atkins takes over. sexual policy changes.

As for potential changes in attitude after Atkins takes over, there's nothing to worry about. Atkins, a former subordinate of Peirce and Uyeda, has made relatively few clear statements on cryptocurrency, but he has publicly criticized the SEC's over-regulation of the cryptocurrency industry.

Judging from his past resume and potential attitude, Atkins’ attitude should also be biased towards supporting cryptocurrency.

CFTC welcomes the change of leadership

In addition to the SEC, another core regulatory agency, the Commodity Futures Trading Commission (CFTC), has also ushered in a change of leadership. Rostin Behnam has stepped down, and Trump has nominated Caroline Pham as acting chairman of the CFTC, who is expected to become permanent chairman later.

Similar to Atkins, although Pham has not been as outspoken about supporting cryptocurrency as Uyeda, the market still expects Pham to have a relatively friendly attitude towards the industry.

The beginning of a change of direction

With Trump's official inauguration and the change of core regulatory agencies such as the SEC and CFTC, the regulatory direction of cryptocurrency has begun to change.

For the cryptocurrency industry, which has long been plagued by regulation, the next few years may be the most relaxed growth environment in the history of the industry - although this "honeymoon period" is somewhat related to attracting votes. Appear fragile.

Idealists who believe in decentralization may complain that relying on the current status of the political environment was definitely not Satoshi Nakamoto’s original intention when he wrote the Bitcoin white paper, but from a realist perspective, the next regulatory spring may be All parties in the industry seek the best opportunities for development.