Mark Uyeda, a Commissioner of the U.S. Securities and Exchange Commission (SEC) and a leading candidate for the position of Chairman of the agency under President-elect Donald Trump, has shared his vision and goals for the crypto industry. While Donald Trump has not yet made a selection for this position, Uyeda has outlined the strategic directions the SEC may pursue under his leadership in 2025.
Uyeda noted that if appointed as SEC Chairman, his priority will be to clarify regulations related to digital assets, change the approach, especially with what the industry has had to endure over the past four years.
Uyeda agrees with most of the points related to cryptocurrencies that Donald Trump raised during his election campaign. He agrees with market participants that Gensler has waged a war against crypto and the market in general, rather than promoting innovation and development.
He believes that the regulatory stance towards market participants needs to be clarified:
"First, from a regulatory perspective, we will provide the necessary clarity. Some types of cryptocurrencies may not be securities, but we need to determine whether they fall within the SEC's jurisdiction or not."
The Commissioner also proposed that the SEC could create a regulatory sandbox for projects. This would drive innovation and involve Congress and the White House, considering it a "collaborative and comprehensive approach". Uyeda also emphasized the urgency of coordinating and addressing SEC and other agencies' regulatory overreach.
"Whoever takes on this job will have to work very hard to address issues related to abuse of power in the application of regulations, not only at the SEC but also at other administrative agencies."
Industry experts have provided advice for Uyeda to take over the SEC. With Gensler preparing to leave the agency on January 20, the same day President-elect Donald Trump takes office, several candidates have been nominated for this position.
Although Trump has announced some nominees to lead other areas of his administration, he has not yet selected the SEC Chairman.
Another candidate also nominated for this position is Dan Gallagher of Robinhood, but he has clearly stated that he is not interested in this role.
Uyeda has held his current position in the Biden administration after being nominated by the President in 2022. He has also been selected for a second term in 2023. As a Commissioner, he has frequently criticized the SEC's activities, particularly emphasizing that the agency has made mistakes in enforcing regulations related to the cryptocurrency field.
The SEC has filed around 583 enforcement actions in 2024, resulting in a total of $8.2 billion in fines and financial remedies to date. Some notable cases of the agency include Ponzi schemes like HyperFund, Novatech, and allegations against Silvergate Capital for providing misleading information and misrepresenting the extent of its exposure to cryptocurrencies.
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Minh Anh
According to Cryptopolitan
