Republican SEC Commissioner Mark Uyeda has voiced support for President-elect Donald Trump’s intention to ease the regulatory stance on cryptocurrency, including potentially pausing new enforcement actions against firms that have not registered with the agency, FOX Business reports.
Uyeda, who has served as a commissioner since 2022, is expected to assume the role of acting chair if Trump appoints him when the administration changes in January.
Uyeda’s statement echoes Trump’s campaign pledge to halt the “war on crypto” initiated under current SEC Chair Gary Gensler. Since 2021, the SEC under Gensler has launched over 100 enforcement actions against the cryptocurrency industry, tackling both instances of fraud and violations of registration requirements.
“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,” Uyeda criticized this approach.
He added that the SEC’s role in 2025 should reflect the message that voters sent, with clear regulatory rules replacing ad hoc enforcement actions.
Under Gensler, the SEC has argued that most crypto tokens are securities and thus fall under its jurisdiction, a stance that has been hotly debated by the crypto industry, legal experts, and some members of Congress. The agency’s regulatory approach has also drawn criticism from within, including from SEC Commissioner Hester Peirce, who, like Uyeda, favors establishing clear guidelines for digital assets rather than enforcing policy solely through legal action. Peirce, known as “Crypto Mom” for her supportive stance on cryptocurrency innovation, has advocated for regulatory “safe harbors” that would allow crypto firms to operate under agency oversight without the threat of immediate enforcement actions.
Trump has promised to remove Gensler as SEC Chair on his first day in office, although Gensler could choose to remain as an SEC commissioner until his term expires in 2026. Uyeda’s role as acting chair would allow the SEC to shift regulatory priorities in line with the new administration’s goals, which may include re-evaluating ongoing litigation involving companies like Coinbase and Ripple that are currently challenging SEC claims of securities violations.
Peirce, whose term is set to end in 2025, has indicated a preference to lead an internal “crypto task force” aimed at revisiting the agency’s approach to cryptocurrency regulation and fostering open dialogue with industry stakeholders. Her proposal reflects a broader interest among some commissioners to create a more collaborative environment for emerging technologies.
