Emily Walker
Mark Uyeda, a commissioner with the US Securities and Exchange Commission (SEC), has voiced his complete backing for President-elect Donald Trump’s initiative to foster a more favorable environment for the cryptocurrency sector. Uyeda has also been mentioned as a possible successor to SEC Chair Gary Gensler, who is anticipated to be dismissed following Trump’s inauguration in January 2025.
Uyeda Advocates for Ending the SEC’s Hostility Towards Crypto
A recent Fox Business article highlights Uyeda’s endorsement of Trump’s vision for a supportive crypto framework in the US, especially in the wake of Trump’s triumph in the November 5 Presidential elections.
Reflecting Trump’s goals, Uyeda, a Republican and a strong advocate for cryptocurrency, emphasized the need for the SEC to shift away from the aggressive regulatory stance that characterized the Biden administration and to cease its antagonism towards the digital asset space.
Uyeda specifically urged the SEC to stop pursuing enforcement actions against cryptocurrency firms that are not accused of fraud but merely for not registering with the Commission.
Under Gensler’s leadership, the SEC has filed numerous lawsuits against various crypto firms—including Coinbase and Ripple—claiming they offered unregistered securities. Gensler contends that all digital currencies, with the exception of Bitcoin and Ethereum, should be classified as securities.
Uyeda has called for a halt to any new enforcement actions based on this classification until comprehensive regulations are established. While this may not impact ongoing court cases, it is anticipated that judges will take the SEC’s new approach into account when making decisions.
Uyeda believes it is crucial for the SEC to align its objectives with Trump’s vision for a flourishing US cryptocurrency market, reflecting the will of the American electorate. He remarked:
“President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.”
Potential Successors to Gary Gensler
Donald Trump has made it clear that he intends to remove Gary Gensler from his role as SEC Chair on his first day in office. With this looming decision, several candidates are emerging as potential replacements in Trump’s pro-crypto administration.
According to Fox Business, Mark Uyeda is among those being considered to succeed Gensler come January 5. He faces competition from Robinhood Markets Inc. Chief Legal Officer Dan Gallagher and Wall Street attorney Richard Farley.
The identity of the new SEC chair remains unknown, but the crypto community is optimistic about an appointment that will drive significant advancements in the US digital asset sector.
Image sourced from Pensions and Investment, with chart data from Tradingview