Political tides have shifted in Washington, and crypto regulation is expected to follow suit—but in the right direction.
Last year, Donald Trump assured the crypto and Bitcoin community that the first thing he would do upon taking power was to fire Gary Gensler, the then-chair of the United States Securities and Exchange Commission (SEC).
And power he took when he won the hotly contested election in November. Rather than face the humiliation of being removed, Gensler announced resigning on Inauguration Day, January 20.
Yesterday, as Trump was officially sworn in, Gensler’s tenure ended without the president asking him to leave.
With the transition underway, the president has appointed Commissioner Mark Uyeda as the temporary chair of the SEC.
New SEC Boss Revealed: Who is Mark Uyeda?
Uyeda is not a new face to those actively following the evolution of crypto regulation in the United States.
Judging by his past comments, he is a staunch supporter of crypto innovation. His temporary appointment comes at a pivotal moment, as the crypto industry—worth trillions as of early January—seeks a less adversarial regulator and a proponent of innovation.
Uyeda has been a vocal critic of Gensler’s leadership of the SEC, particularly regarding the “regulation by enforcement” approach. In an interview, he described the decision to proceed in this manner as a “disaster.”
This makes it evident that Uyeda favors clearer, more coherent laws and guidance over punitive measures, which only serve to discourage innovation.
During Gensler’s tenure, the SEC issued over 100 enforcement actions, including those against Binance and Coinbase, among other firms.
Collectively, crypto companies spent hundreds of millions of dollars on legal fees—funds that could have been better spent protecting investors or running crypto education campaigns.
Additionally, the new SEC chair has criticized policies like the Staff Accounting Bulletin 121 (SAB 121), which effectively prevents banks from serving crypto firms and individuals.
It remains to be seen whether Uyeda will rescind such policies now that he is in power. For now, the SEC comprises more pro-crypto commissioners, including Hester Peirce.
Considering Uyeda’s previous comments and support for crypto innovation, it is likely that his tenure could see the regulator set the stage for a more accommodating and open environment for digital assets.
Golden Age for Crypto Begins?
With Gensler gone and Uyeda temporarily taking over before the Senate approves Paul Atkins, the contentious crypto regulation era may be over.
The coming weeks will determine whether both leaders intend to ease the burden on the crypto industry and create an environment for it to thrive.
Most importantly, observers will watch to see if crypto firms and the regulator can establish a more constructive relationship—a relationship that was largely damaged during Gensler’s tenure.
Coinbase’s Chief Legal Officer, Paul Grewal, even described Gensler as “arrogant.”
Crypto prices remain firm, driven by the community’s optimism about a promising future. Over the next few years, regulators may approve more complex crypto derivative products, which could further enhance market dynamics.
Additionally, multiple spot exchange-traded funds (ETFs) for assets like Solana and Litecoin are currently under review. If approved, these ETFs would provide institutions with greater opportunities to diversify their crypto holdings, a net positive for the industry.
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The post Who is Mark Uyeda? New SEC Chief Could Spark a Crypto Golden Age appeared first on 99Bitcoins.
