Mark Uyeda, a commissioner at the US Securities and Exchange Commission (SEC), has expressed full support for US President-elect Donald Trump’s plan to end the hostility against the crypto industry. Interestingly, Uyeda has been touted as one of the potential replacements for SEC Chair Gary Gensler who is widely expected to be sacked upon Trump’s inauguration on January 2025.

The SEC’s War On Crypto Must End, Mark Uyeda Says

According to a recent report by Fox Business, Mark Uyeda has backed Donald Trump’s plan to establish a crypto-friendly environment in the US following the Republican’s victory at the Presidential elections on November 5. 

In line with Trump’s objectives, the SEC Commissioner, who is also a Republican party member and vocal crypto supporter, has stated the US securities regulator must adopt an operational change from a hostile regulatory approach under the Biden administration and terminate the war on the digital asset industry.

In particular,  Mark Uyeda nudged the SEC to desist from initiating enforcement actions against crypto entities with no fraud allegation but for solely failing to register with the Commission. 

Notably, under Gary Gensler’s tenure, the SEC has launched multiple lawsuits against crypto companies e.g. Coinbase and Ripple, for offering unregistered securities as the Commission Chair believes that all cryptocurrencies except Bitcoin and Ethereum are classified are to be securities. 

Uyeda states the SEC must halt all new enforcement actions based on this same premise until there are clear regulations set in place to navigate this course. Interestingly, the adoption of this idea may not close active court cases but judges are likely to consider the Commission’s new stance in making a ruling. 

Mark Uyeda believes it is important the SEC aligns itself with Trump’s goal of a booming US crypto industry as chosen by the American people. The Commissioner said: 

President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.

Who Will Be Gary Gensler’s Replacement?

In no equivocal terms, Donald Trump has vowed to fire Gary Gensler as SEC Chair on his first day in office. With the guillotine hanging over the former Goldman Sachs executive, several names have continued to emerge as potential replacements in Trump’s pro-crypto regime.

Following his most recent commentary, Fox Business understands that Mark Uyeda is one of the potential replacements for Gensler come January 5. However, the long-serving SEC executive is reportedly in competition with the Chief Legal Officer of Robinhood Market Inc. Dan Gallagher as well as Wall Street Lawyer Richard Farley.

Whoever the 47th US President will choose as the new SEC boss remains a public mystery, but the crypto community remains hopeful of an appointee who will facilitate significant development of the US digital asset industry.

Featured image from Pensions and Investment, chart from Tradingview