Could Mark Uyeda Be the Next SEC Chairman?

When Donald Trump is set to take office as President of the United States in January 2025, the cryptocurrency community is speculating about potential candidates to lead the U.S. Securities and Exchange Commission (SEC). SEC Commissioner Mark Uyeda is seen as a leading contender for this role, according to the assessment of cryptocurrency lawyer Jake Chervinsky in a post on X on October 6. Commissioner Uyeda is known for his criticism of the current SEC Chairman Gary Gensler's approach to cryptocurrency regulation, calling his policies a "disaster for the entire industry" in October. Appointed as an SEC Commissioner on June 30, 2022, Uyeda has consistently opposed the SEC's enforcement-based approach to cryptocurrency, gaining the support of industry advocates seeking a more collaborative method. The chances are very low for Hester Peirce to take on the leading role Trump has pledged to fire Gensler on his first day in office, and the cryptocurrency community has begun speculating that SEC Commissioner Hester Peirce could be a potential candidate for the chairman position. SEC Commissioner Peirce was appointed by Trump during his first presidential term on January 11, 2018. However, Chervinsky says the likelihood of Peirce becoming the chair "is very low," adding that he doubts whether she would be willing to take on the leadership role at the SEC. He wrote: "Being chair is a pretty tough, thankless, and miserable job. Some commissioners may want it (like Uyeda), but others may feel they've done their duty and are ready to move on to greener pastures." Many in the cryptocurrency community refer to Commissioner Peirce as "Crypto Mom" due to her criticism of the SEC's restrictive cryptocurrency policies, which she believes have stifled innovation. Peirce has also repeatedly called for the SEC to restore open dialogue with the cryptocurrency industry to foster creativity rather than obstruct it. At the time of writing, Peirce has not made any comments following Trump's victory in the 2024 U.S. presidential election on the X platform. Are there other potential candidates? According to Chervinsky, Trump may want to choose someone other than Uyeda to lead the SEC during his term. "I expect Trump may want to bring in a fresh face of his own," Chervinsky stated. Additionally, the lawyer emphasized that Trump's top cryptocurrency policy priority must be to end the Biden administration's efforts to "destroy the industry through enforcement-based regulation." Chervinsky said this means putting an end to the SEC's unjustified enforcement actions against major cryptocurrency companies and the U.S. Department of Justice's prosecution of Tornado Cash.