SEC Commissioner Mark Uyeda Calls for End to Agency's Crypto War
SEC Commissioner Mark Uyeda calls for an end to the agency's aggressive crypto enforcement, aligning with Trump's regulatory shift.
Mark Uyeda, a commissioner at the U.S. Securities and Exchange Commission (SEC), has urged a reevaluation of the agency's approach to cryptocurrency regulations. His stance aligns with President-elect Donald Trump’s commitment to reverse the previous administration's stringent policies on the digital asset sector.
Request for a Shift in Enforcement
In a recent interview with Fox Business, Uyeda emphasized the necessity for the SEC to halt enforcement actions against crypto firms that are not involved in fraud. He stated:
“The Commission’s war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm.”
Over the past three years, the SEC has initiated over one hundred enforcement actions against various crypto companies, targeting serious offenses such as fraud and money laundering, including the high-profile case against former FTX CEO Sam Bankman-Fried. However, many actions pertained to lesser violations, such as non-compliance with registration requirements, impacting firms like Coinbase, Ripple, and Kraken.
Uyeda noted that SEC Chair Gary Gensler's interpretation that most crypto tokens, aside from Bitcoin (BTC) and Ethereum (ETH), are securities has led to these extensive enforcement actions.
Speculation on Future Leadership
There is speculation that Uyeda may be considered for the position of SEC Chair under the incoming Trump administration, should Gensler resign. Other potential candidates include Dan Gallagher from Robinhood and Paul Atkins from Patomak Global.
Gensler’s approach to crypto regulation has drawn criticism from industry leaders, with Ripple CEO Brad Garlinghouse labeling his tenure as a “reign of terror.” Additionally, legal experts and some members of Congress have called for clearer, more consistent regulations from the SEC. Uyeda, along with fellow Commissioner Hester Peirce, has advocated for a more transparent and balanced regulatory framework for the crypto industry.
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