SEC Commissioner and a potential pick for SEC chairman under President-elect Donald Trump, Mark Uyeda, has detailed his aspirations and goals for the crypto industry. With Donald Trump yet to make his pick for the position, Uyeda outlined the agency’s likely approach under him in 2025.
Speaking at an interview with Fox Business’s Stuart Varney, Uyeda noted that if he gets the position, his priority will be to clarify regulations surrounding digital assets. He explained that the approach has to change, especially with what the sector had endured in the last four years.
Uyeda touched on various aspects of the current administration’s actions in the industry under Chairman Gary Gensler.
Uyeda wants a crypto-friendly environment in the United States
According to Mark Uyeda, he resonates clearly with most of the crypto-related talking points that Donald Trump raised during his campaign. He agreed with market participants that Gensler waged a war on crypto and the general market instead of fostering innovation and development.
Uyeda noted that from a regulatory standpoint, there is a need to be clear to market participants. “First off, from a regulatory perspective, we can provide the appropriate clarity. Some crypto is not even security at all, but we need to make clear whether you fall within SEC jurisdiction or not,” he said.
The Commissioner also suggested that the SEC could create a regulatory sandbox for projects. He noted that it would foster innovation and involve the Congress and White House, branding it a “cohesive and comprehensive approach.” Uyeda also detailed the need to coordinate and address regulatory excesses in the SEC and other agencies.
“Whoever steps into that job, there is a lot of work that needs to be done to address some of the regulatory excesses, not only at the SEC but at other administrative agencies.”
– Mark Uyeda
Rumors trail the next SEC Chairman pick
Industry experts have tipped Uyeda to take over the SEC from the outgoing Gensler. With Gensler set to depart the agency on January 20, the same day President-elect Donald Trump will be inaugurated, a handful of candidates have been tipped for the position.
Although Trump has announced several candidates to lead other sectors in his administration, he has yet to pick the SEC Chairman.
When asked about the SEC job, Uyeda refused to comment on whether he would accept it. Another candidate who has also been tipped for the position was Robinhood’s Dan Gallagher, but he has stated clearly that he is not interested in the role.
Uyeda took up his present role in the Biden-led administration after the President nominated him in 2022. He was also picked for a second term in 2023. As a commissioner, he has always been critical of the agency’s actions, noting that the SEC was wrong in the way it went about enforcement in the crypto space.
According to an SEC report, the agency filed about 583 enforcement actions in 2024, leading to around $8.2 billion in financial remedies. Some of its high-profile cases include Ponzi schemes HyperFund and Novatech.
The agency also included false and misleading information given to investors and the general public about crypto exposure from Silvergate Capital.
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