Mark Uyeda, commissioner of the US Securities and Exchange Commission (SEC), has expressed his full support for the US The plan of newly elected President Donald Trump to end the hostility against the crypto industry. Interestingly, Uyeda is being touted as one of the potential replacements for SEC Chairman Gary Gensler, who is widely expected to be fired upon Trump’s inauguration in January 2025.
The SEC’s war on crypto must end, says Mark Uyeda
According to one recent report by Fox Business Mark Uyeda has backed Donald Trump’s plan to create a crypto-friendly environment in the US following the Republican’s victory in the November 5 presidential election.
In line with Trump’s goals, the SEC commissioner, who is also a member of the Republican Party and a proponent of cryptocurrencies, has stated that the US securities regulator must make an operational change from the hostile regulatory approach under the Biden administration and the war on digital assets must end. industry.
In particular, Mark Uyeda urged the SEC to refrain from initiating enforcement actions against crypto entities without allegations of fraud, but solely because they had failed to register with the Commission.
Notably, under Gary Gensler’s tenure, the SEC has filed multiple lawsuits against crypto companies, for example Coin base And Ripplefor offering unregistered securities, as the Chairman of the Commission considers that all cryptocurrencies except Bitcoin and Ethereum are classified as securities.
Uyeda argues that the SEC should halt all new enforcement actions based on this same premise until clear rules are in place to navigate this course. Interestingly, while acceptance of this idea will not close any pending cases, judges are likely to take the Commission’s new position into account when making a ruling.
Mark Uyeda believes it is important that the SEC joins Trump’s goal of a thriving American crypto industry, as chosen by the American people. The Commissioner said:
President Trump and the American electorate have sent a clear message. Beginning in 2025, the SEC’s role will be to carry out that mandate.
Who will be Gary Gensler’s replacement?
In no uncertain terms: Donald Trump has sworn to fire Gary Gensler as chairman of the SEC on his first day on the job. With the guillotine hanging over the former Goldman Sachs executive, several names have continued to emerge as potential replacements in Trump’s pro-crypto regime.
Following his most recent comments, Fox Business understands that Mark Uyeda is one of the potential replacements for Gensler on January 5. However, the long-serving SEC director is reportedly competing with the Chief Legal Officer of Robinhood Market Inc. Then Gallagher as well as Wall Street attorney Richard Farley.
Who the 47th US president will choose as the new SEC boss remains a public mystery, but the crypto community remains hopeful of an appointee who will facilitate significant development of the US digital asset industry.
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