Mark Uyeda, commissioner of the US Securities and Exchange Commission (SEC), has expressed his full support for the plan of US President-elect Donald Trump to end the hostility towards the crypto industry. Interestingly, Uyeda has been considered as one of the potential successors to SEC Chairman Gary Gensler who is expected to be fired upon Trump’s inauguration in January 2025.
The SEC’s War On Crypto Must End, Says Mark Uyeda
According to a recent Fox Business report, Mark Uyeda has supported Donald Trump’s plan to establish a crypto-friendly environment in the US following the Republican victory in the November 5 Presidential election.
In line with Trump’s intentions, the SEC Commissioner, who is also a member of the Republican party and a proponent of crypto, said that the US security regulator must take a change from the hostile regulatory approach under the Biden administration and end the war on digital assets. industry.
In particular, Mark Uyeda urged the SEC to stop initiating enforcement actions against crypto entities without fraud allegations but for failing to register with the Commission.
Notably, under the rule of Gary Gensler, the SEC launched many cases against crypto companies such as Coinbase and Ripple, for issuing unregistered securities as the Chairman of the Commission believes that all cryptocurrencies except Bitcoin and Ethereum are classified as securities.
Ubuyeda says the SEC must suspend all new enforcement actions based on this basis until there are clear regulations in place to navigate this course. It is interesting that the adoption of this opinion may not close the court cases but the judges may consider the new position of the Commission in making a decision.
Mark Uyeda believes it is important for the SEC to align itself with Trump’s goal of a growing US crypto industry as elected by the American people. The Commissioner said:
President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.
Who Will Replace Gary Gensler?
Unsurprisingly, Donald Trump vowed to fire Gary Gensler as SEC Chairman on his first day in office. As the guillotine hangs over the former Goldman Sachs executive, several names have continued to emerge as potential replacements for Trump’s pro-crypto regime.
Following his recent comments, Fox Business understands that Mark Uyeda is one of those who may replace Gensler come January 5. However, the long-time SEC official is reportedly competing with Robinhood Market Inc.’s Chief Legal Officer. Dan Gallagher and as Wall Street Attorney Richard Farley.
Whoever the 47th President of the US will choose as the new head of the SEC remains a public mystery, but the crypto community remains hopeful of a nominee who will facilitate the significant development of the US digital assets industry.
Featured image from Pensions and Investment, chart from Tradingview
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