As speculation is mounting within the cryptocurrency community about potential changes in the leadership of the Securities and Exchange Commission (SEC) following election results, Mark Uyeda, a current SEC commissioner, is emerging as a strong contender to take the reins.
The suggestion was put forward by crypto attorney Jake Chervinsky in a November 6 post on X.
Uyeda, who joined the SEC as a commissioner on June 30, 2022, has been a vocal critic of the current regulatory regime under SEC Chair Gary Gensler.
Uyeda Criticizes Gensler’s Crypto Policies
In October, Uyeda described Gensler’s crypto policies as a “disaster for the whole industry.”
“I think our policies and our approach over the last several years have been just really a disaster for the whole industry,” he said.
His opposition to enforcement-heavy regulation has garnered support from advocates seeking a more constructive and cooperative approach to crypto oversight.
Trump has already pledged to fire Gensler on his first day in office, fueling speculation about who might succeed him.
While Commissioner Hester Peirce, often called “Crypto Mom” for her defense of crypto innovation, has been considered a potential candidate, Chervinsky believes her chances are slim.
Peirce, appointed by Trump in January 2018, has frequently criticized the SEC’s restrictive policies and advocated for open communication with the industry.
However, Chervinsky suggests that Peirce may not be interested in the challenging role of SEC chair.
“Being chair is a pretty hard, thankless, miserable job,” Chervinsky wrote, noting that while Uyeda might be inclined to take on the position, others, like Peirce, may prefer to move on.
Chervinsky also speculated that Trump could opt for a fresh face to lead the SEC rather than promoting from within.
Regardless of the choice, the crypto community sees a leadership change as critical to ending what some describe as “regulation by enforcement,” which has led to lawsuits against major crypto firms and the prosecution of Tornado Cash developers.
Mark Uyeda Might Step In But SEC Is Under Scrutiny
As of late, the SEC has been facing growing criticism due to its “regulation-by-enforcement” approach to the crypto industry.
Critics argue that the SEC has failed to establish a clear regulatory framework for cryptocurrencies, opting instead to pursue legal action against key industry players.
As reported, a coalition of seven U.S. states has come together to challenge the Securities and Exchange Commission’s (SEC) regulation of cryptocurrency.
Led by Iowa Attorney General Brenna Bird, the states have filed an amicus brief arguing that the SEC’s attempt to regulate cryptocurrencies constitutes a “power grab” that would stifle innovation, harm the crypto industry, and exceed the agency’s authority.
The coalition includes Arkansas, Indiana, Kansas, Montana, Nebraska, with Oklahoma becoming the latest state to join.
Earlier this year, SEC Commissioner Hester Peirce said that the regulatory agency is currently operating in an “enforcement-only mode” when it comes to the regulation of cryptocurrencies.
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