Original | Odaily Planet Daily ( @OdailyChina )
Author: Azuma ( @azuma_eth )
In the early morning of January 21, the U.S. Securities and Exchange Commission (SEC) officially announced that today will be Gary Genslers last day as SEC Chairman. The SEC head, who has been entangled with the cryptocurrency industry for more than three years, has finally said goodbye.
Shortly thereafter, the White House released another document announcing that current SEC Commissioner Mark Uyeda will serve as acting chairman of the SEC. He will temporarily lead the SEC, an agency that is critical to industry regulation, until the new SEC chairman (expected to be Paul Atkins) is determined and takes office.
Uyeda is a member of the Republican Party and has served as an SEC commissioner since June 30, 2022. Before becoming an SEC commissioner, Uyeda worked at the SEC for more than 15 years and has extensive front-line work experience.
What is the attitude towards cryptocurrencies?
Uyeda has always maintained a friendly attitude towards cryptocurrencies . Together with Crypto Mom Hester Peirce, she was regarded by the industry as a staunch ally within the SEC.
Uyeda also cast a crucial vote in favor of last year’s ETF resolution regarding the development of the entire industry.
Although he is at the SEC, Uyeda does not agree with Gary Genslers aggressive enforcement actions against the industry. He and Peirce have opposed several enforcement actions initiated by the SEC against industry projects.
Last October, Uyeda said in an interview with Fox Business that Trump had described the SECs past actions as a war on cryptocurrencies, and that this situation must be ended and clearer regulatory guidelines must be established.
I think our policies and practices over the last few years have really been a disaster for the entire crypto industry. Weve been pushing enforcement policies and we havent done anything to provide guidance.
Last week, Reuters reported that multiple people familiar with the matter said that the SEC’s top Republicans were ready to start reforming the agency’s cryptocurrency policy as soon as Trump takes office. The measures that Uyeda and Peirce are considering include launching relevant procedures to eventually formulate guidance or rules to clarify under what circumstances the agency considers cryptocurrencies to be securities and reviewing some cryptocurrency enforcement cases that are pending in court.
SEC succession matters
It should be emphasized that Uyeda is only the acting chairman of the SEC. Trump has nominated former SEC Commissioner Paul Atkins to officially take charge of the agency, but it is unclear when Atkins appointment will be approved, but it is expected that Uyeda will still make some substantial policy changes as the interim head of the agency before Atkins takes over.
There is no need to worry too much about the potential change in attitude after Atkins takes over. Atkins was once a subordinate of Peirce and Uyeda. Although he has made relatively few clear statements on cryptocurrencies, he has also publicly criticized the SEC for over-regulating the cryptocurrency industry.
Judging from his past experience and potential attitude, Atkins attitude should also tend to support cryptocurrency.
CFTC welcomes new leadership
In addition to the SEC, another core regulatory agency, the Commodity Futures Trading Commission (CFTC), has also ushered in a change of leadership. Rostin Behnam has stepped down, and Trump has nominated Caroline Pham as the acting chairman of the CFTC, who is expected to become the permanent chairman later.
Similar to Atkins, although Pham has not been as outspoken in his support for cryptocurrencies as Uyeda, the market still expects Pham to be relatively friendly to the industry.
The beginning of a change in wind direction
With Trumps official inauguration and the change of leadership in core regulatory agencies such as the SEC and CFTC, the regulatory direction of cryptocurrencies has begun to shift.
For the cryptocurrency industry, which has long been plagued by regulation, the next few years may be the most relaxed years in the industrys history - although this honeymoon period that is more or less related to winning votes is itself somewhat fragile.
Idealists who believe in decentralization may complain that relying on the current political environment was not what Satoshi Nakamoto intended when he wrote the Bitcoin white paper, but from a realists perspective, the upcoming regulatory spring may be the best opportunity for all parties in the industry to seek development.
