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Mark Uyeda, a Republican commissioner at the U.S. Securities and Exchange Commission (SEC), has made it clear that he would push for clearer regulations on cryptocurrencies if he becomes the next SEC chair.
A Call for Clearer Rules on Crypto
In a recent interview with Fox Business on November 22, Uyeda criticized the current SEC under Gary Gensler, claiming that Gensler’s leadership has been too harsh on the crypto industry. Uyeda believes that some cryptocurrencies shouldn’t be treated as securities and that the SEC needs to clarify its role in regulating digital assets.
Supporting Innovation with Regulatory Sandboxes
Uyeda also proposed creating regulatory sandboxes for crypto projects. These are controlled spaces where projects can test their ideas without the risk of breaking existing regulations, which could help boost innovation in the sector. However, he noted that any changes to crypto regulations would need cooperation from both Congress and the White House.
Gensler’s Exit and Trump’s Decision
Gary Gensler, the current SEC chair, announced that he would step down on January 20, 2025, the same day President-elect Donald Trump takes office. While Trump has not yet named a new SEC chair, many believe Uyeda could be a strong contender for the position.
Uyeda’s History at the SEC
Since joining the SEC in 2022, Uyeda has often criticized the agency’s approach to crypto enforcement, saying the SEC has not provided clear guidelines. In 2024, the SEC took action against several firms, recovering $8.2 billion in financial penalties.
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