Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
In the first half of 2025, multiple key executives were replaced, over 500 employees left, and departments were restructured... The U.S. Securities and Exchange Commission underwent significant adjustments.
This internal storm is quietly reshaping the regulatory landscape of the cryptocurrency market. This article will review the key changes within the SEC over the past six months and analyze whether the 'new' SEC has truly opened the door to a friendly approach towards cryptocurrencies.
Three changes in chairmanship, adjusting the rhythm of cryptocurrency regulation
In the first half of 2025, the U.S. Securities and Exchange Commission (SEC) experienced a succession of three chairs: Gary Gensler from the Biden administration, Acting Chair Mark T. Uyeda, and current Chair Paul Atkins. Unlike Gensler, who took a hardline stance and frequently initiated enforcement actions, both Uyeda and Atkins are considered to have a more friendly attitude towards the cryptocurrency industry.
Acting Chair Mark T. Uyeda has consistently maintained an open attitude towards cryptocurrencies, having cast a key vote in favor of a Bitcoin spot ETF. In just a few months of his acting term, Uyeda quickly implemented the pro-cryptocurrency commitments of the Trump administration: establishing a 'Cryptocurrency Task Force' led by Hester Peirce; rescinding the controversial SAB 121 accounting policy; and setting up the 'Office of Crypto and Emerging Technologies (CETU)' to replace the old 'Crypto Assets and Network Division'.
In April 2025, Paul Atkins officially took over as SEC chair, further solidifying this shift in attitude. Atkins is not a stranger to the cryptocurrency circle: as early as 2017, he served as co-chair of the Digital Chamber's Token Alliance, actively promoting the formulation of industry standards for token issuance and trading. According to (Fortune), Atkins holds approximately $6 million in cryptocurrency-related assets, involving shares or other investments in companies like Anchorage and Securitize.
Since taking office, Atkins has repeatedly publicly expressed a friendly stance towards cryptocurrencies, stating, 'The cryptocurrency market has been trapped in the SEC's regulatory gray area for years,' and pledging to 'return to the fundamental mission of promoting rather than suppressing innovation' during his tenure.
Major personnel changes in core departments
In addition to the changes in the chairmanship, the SEC's core departments have also undergone several key personnel adjustments. Here are the significant position changes in the SEC from the beginning of the year to now:
Among the 10 executives undergoing changes, at least two new executives are considered to have experience in the cryptocurrency industry: Brian T. Daly, Director of Investment Management, and Jamie Selway, Director of Trading and Markets.
Brian T. Daly was previously a partner at the international law firm Akin Gump, where his official biography lists digital assets, cryptocurrencies, and blockchain as areas of expertise; Jamie Selway was a partner at Sophron Advisors and served as the global head of institutional markets for the cryptocurrency company Blockchain from 2018 to 2019.
More importantly, the two departments they oversee are extremely important within the SEC structure. The Investment Management Division is responsible for regulating investment products and services, including mutual funds, ETFs, closed-end funds, and registered investment advisors. The Trading and Markets Division controls the operational rules of market infrastructures such as exchanges, market makers, brokers, and clearinghouses. In other words, cryptocurrency ETFs and the cryptocurrency trading environment are influenced by these two departments.
Meanwhile, the SEC's enforcement division, a key 'power center', has also undergone a personnel change. Gurbir Grewal, the former director of the enforcement division who had a tough stance on cryptocurrencies for a long time, left office in October 2024. During his tenure, he led several major cryptocurrency lawsuits, including Ripple and Coinbase. According to Cornerstone Research data, in 2024, the SEC initiated 33 enforcement actions related to cryptocurrencies, involving 90 defendants or respondents.
After Grewal's departure, Sanjay Wadhwa took over as acting director, with enforcement efforts noticeably slowing down. Between February and March of this year, the SEC withdrew lawsuits against several well-known cryptocurrency companies, including Coinbase, Consensys, Robinhood, Gemini, Uniswap, and Kraken.
In addition, at the end of February, the SEC launched an employee 'buyout plan', offering $50,000 compensation to voluntarily departing employees. Ultimately, more than 500 people chose early retirement or departure, accounting for about 10% of the agency's total staff. This wave of 'internal downsizing' has also created space for subsequent structural reorganization and policy shifts.
Has the SEC's 'cryptocurrency rhythm' changed?
In terms of regulatory trends, the SEC is actively holding meetings and making policy statements. In the first half of this year, the SEC has held 6 roundtable meetings related to cryptocurrencies, covering core topics such as regulatory frameworks, custody mechanisms, asset tokenization, and DeFi.
On the regulatory front, progress is being made. On May 30, the SEC issued a policy statement regarding staking activities in PoS networks, clearly stating for the first time that three types of staking activities do not constitute securities issuance: including user self-staking, non-custodial third-party staking, and compliant custodial staking. This provides a clearer compliance path for current cryptocurrency staking services.
At the same time, ETF approvals have begun to accelerate. On June 11, the SEC notified several institutions intending to issue a Solana spot ETF, requesting them to resubmit a revised S-1 filing within 7 days and promising to complete review feedback within 30 days after submission.
Personnel changes, relaxed regulations, and softened attitudes. This agency, which once made countless cryptocurrency projects 'walk on thin ice', is now re-engaging in dialogue with the industry.
Regulation will not disappear, but future regulation may no longer be a high-pressure net, but rather a bridge to collaborative construction.
