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 Gensler's last day as SEC Chairman. The SEC head, who has been entangled with the cryptocurrency industry for more than three years, 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 over 15 years, gaining extensive front-line experience.
What is the attitude toward cryptocurrencies?
Regarding cryptocurrencies, Uyeda has always maintained a friendly attitude and is seen as a strong ally within the SEC alongside 'crypto mom' Hester Peirce.
Last year, on the ETF resolution regarding the overall development of the industry, Uyeda also cast a crucial affirmative vote.
Although he is at the SEC, Uyeda does not agree with Gary Gensler's aggressive enforcement actions against the industry, and he has opposed several enforcement actions initiated by the SEC against industry projects alongside Peirce.
In October last year, Uyeda stated during an interview with Fox Business that Trump had described past SEC actions as 'a war on cryptocurrencies' and that this situation must end with clearer regulatory guidelines.
I believe that our policies and actions over the past few years have truly been a disaster for the entire cryptocurrency industry. We have been implementing a 'mandatory enforcement policy,' and we have done nothing to provide guidance.
Last week, Reuters reported that several informed sources revealed that senior Republicans at the SEC are ready to begin reforming the agency's cryptocurrency policies immediately after Trump takes office. The measures being considered by Uyeda and Peirce include initiating relevant procedures to ultimately formulate guidance or rules that clarify under what circumstances the agency will consider cryptocurrencies as securities and reviewing some cryptocurrency enforcement cases currently in court.
Follow-up on SEC succession matters
It should be emphasized that Uyeda is only the acting chair of the SEC. Trump has nominated former SEC commissioner Paul Atkins to formally lead the agency, but it is currently unclear when Atkins' appointment will be approved. However, it is expected that before Atkins takes over, Uyeda will still serve as the agency's temporary leader to make some substantial policy changes.
As for potential changes in attitude after Atkins takes over, there is little need for concern. Atkins was a subordinate of Peirce and Uyeda; although he has made relatively few explicit statements regarding cryptocurrencies, he has publicly criticized the SEC's excessive regulation of the cryptocurrency industry.
Based on past experience and potential attitudes, Atkins' stance should also lean towards supporting cryptocurrencies.
CFTC also welcomes a change in leadership
In addition to the SEC, another major core regulatory agency, the Commodity Futures Trading Commission (CFTC), has also undergone a change in leadership. Rostin Behnam has stepped down, and Trump has nominated Caroline Pham to serve as the acting chair of the CFTC, with expectations that she will later transition to the permanent chair.
Similar to Atkins, although Pham has not openly acknowledged support for cryptocurrencies like Uyeda, the market still expects Pham to maintain a relatively friendly attitude toward the industry.
The beginning of a shift in direction
With Trump's official inauguration, and the changes in leadership at core regulatory agencies such as the SEC and CFTC, the regulatory climate for cryptocurrencies is already beginning to shift.
For the cryptocurrency industry, which has long suffered from regulatory issues, the next few years may be the most lenient in the industry's history—though this 'honeymoon period,' which is somewhat tied to garnering votes, is itself somewhat fragile.
Idealists who believe in decentralization may complain that relying on the current political environment is far from the original intention of Satoshi Nakamoto when writing the Bitcoin white paper. However, from a realistic standpoint, the upcoming regulatory spring may be the best opportunity for various parties in the industry to seek development.