Trump’s New SEC: Could Uyeda Lead the Charge?
Speculation as to who would be helming the U.S. Securities and Exchange Commission has been a heated debate as the transition of Donald Trump to presidency is expected to take place come January 2025. In one X post from crypto attorney Jake Chervinsky dated November 6, he mentioned that one of the strongest contenders could be SEC Commissioner Mark Uyeda. Uyeda has criticized the regulatory strategies of the current SEC Chairman Gary Gensler and is considered a fresh start for the agency during the Trump administration, particularly in the crypto space.
Uyeda’s Stand: The opposite to Gensler’s Approach
Uyeda was appointed to them in June 2022, and he has gained much attention for speaking so loudly against Gensler’s regulation approach, which he called a “disaster for the whole industry.” He weighs in on the side of collaboration over enforcement, which is quite opposite of the strict measures that very often have aggressive enforcement actions against crypto entities led by Gensler. This has resonated well in the cryptocurrency community, where a large number of its proponents believe any regulatory environment should aim at not punishing innovation but encouraging it. His resistance to enforcement-based methods has resulted in increased support for his candidacy to lead the commission.
Peirce Not Planning to Seek SEC Chair Position
Another Commissioner with the SEC and one of cryptocurrency innovation’s most ardent supporters is Hester Peirce. She had been seen as a likely candidate for the position. Known in the crypto world as “Crypto Mom,” Peirce has consistently fought for less restrictive policies, urging the SEC to be more open. But Chervinsky thinks Peirce’s chances of them chair are “very low” because of the nature of the position. Peirce had previously taken shots at the agency’s restrictive stance but fell silent as soon as Trump won his election, which can arguably be a pointer that she is not pursuing the role.
A New Face in Store
Despite the endorsement for Uyeda, Chervinsky has suspected that Trump might favor appointing someone who is not part of the SEC currently. If everything goes according to plan, said Chervinsky, Trump’s top crypto policy priority is going to be something related to rolling back Biden-era regulatory actions that include the SEC’s enforcement spree against major crypto companies and the controversial prosecution of Tornado Cash by the Department of Justice. For Trump, an aligned them chair-one that aligns with his vision for peeling back aggressive regulatory measures in support of a more industry-friendly framework-could be very important.
With the possible appointment of Uyeda or another collaborative leader, Trump is seeking to change the direction of the SEC and make it friendlier toward crypto innovation. To the cryptocurrency community, however, the rise of Uyeda means there is a policy tack toward dialogue and partnership rather than punishment in regulatory policies, and hence a reinstituting role of the SEC in industry development.
