Gary's class is over, what is SEC Acting Chair Uyeda's first move?

Original Title: "Mark Uyeda Takes Over from Gary Gensler, Beginning of SEC's Change in Direction"

Original Author: Azuma, Odaily Planet Daily

In the early hours of January 21, the U.S. Securities and Exchange Commission (SEC) officially released a statement announcing that today would be Gary Gensler's last day as SEC Chair. The SEC's figurehead, who has been entangled with the cryptocurrency industry for over three years, finally bid farewell.

Shortly thereafter, the White House once again issued a document announcing that current SEC Commissioner Mark Uyeda would serve as Acting SEC Chair. He will temporarily lead the SEC, a crucial industry regulatory body, until the new SEC Chair (expected to be Paul Atkins) is determined and takes office.

Uyeda is a Republican member and has been an SEC Commissioner since June 30, 2022. Prior to becoming a Commissioner, Uyeda worked at the SEC for over 15 years, accumulating rich frontline work experience.

What Is His Attitude Toward Cryptocurrency?

When it comes to cryptocurrency, Uyeda has always maintained a friendly attitude and has been viewed by the industry as a staunch ally within the SEC, alongside "Crypto Mom" Hester Peirce.

Regarding last year's ETF resolution concerning the industry's development as a whole, Uyeda also cast a crucial approving vote.

Despite being at the SEC, Uyeda does not agree with Gary Gensler's aggressive enforcement approach toward the industry and has, along with Peirce, opposed multiple enforcement actions launched by the SEC against industry projects.

In October last year, Uyeda stated in an interview with Fox Business that Trump had described the SEC's past actions as a "war on cryptocurrency" and that this situation must be ended, with clearer regulatory guidelines established.

"I think our policies and practices over the past few years have been a real disaster for the entire crypto industry. We've been enforcing a 'mandatory enforcement policy' and we haven't done anything to provide guidance."

Last week, Reuters reported that several sources revealed that senior Republican officials at the SEC are preparing to immediately reform the agency's cryptocurrency policy after Trump takes office. Measures being considered by Uyeda and Peirce include initiating relevant procedures, ultimately establishing guidance or rules, clearly defining under what circumstances the agency will consider cryptocurrency as securities, and reviewing some cryptocurrency enforcement cases currently in court.

SEC Succession Update

It is important to note that Uyeda is only the Acting Chair of the SEC. Former SEC Commissioner Paul Atkins has been nominated by Trump to officially take over the agency, but it is currently unclear when Atkins' appointment will be approved. It is expected that Uyeda will continue to make some substantial policy changes as the interim leader of the agency until Atkins takes over.

As for potential attitude changes after Atkins assumes the role, there is no need to be overly concerned. Atkins was previously a subordinate of Peirce and Uyeda. While he has made relatively few explicit statements about cryptocurrency, he has publicly criticized the SEC for its overregulation of the cryptocurrency industry.

Considering his past experience and potential attitude, Atkins' stance is expected to lean towards supporting cryptocurrency.

CFTC Transition Underway

In addition to the SEC, another key regulatory agency, the Commodity Futures Trading Commission (CFTC), is also undergoing a transition. Rostin Behnam has stepped down, and Trump has nominated Caroline Pham to serve as the Acting Chair of the CFTC, with expectations of later becoming the permanent chair.

Similar to Atkins, although Pham has not been as outspoken as Uyeda in admitting support for cryptocurrency, the market still anticipates that Pham will hold a relatively friendly attitude towards the industry.

The Beginning of a Shift in Regulatory Direction

With Trump officially in office and core regulatory agencies such as the SEC and CFTC undergoing transitions, the shift in cryptocurrency regulation has begun.

For the cryptocurrency industry, which has long been plagued by regulatory challenges, the next few years may be some of the most lenient in the industry's history—although this period of somewhat politically motivated "honeymoon" is inherently fragile.

Idealists who believe in decentralization may complain that the current political environment is far from what Satoshi Nakamoto envisioned when writing the Bitcoin whitepaper. However, from a realist perspective, the upcoming regulatory spring may be the best opportunity for all industry participants to seek development.

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