SEC Commissioner Mark Uyeda Backs Trump Pro-Crypto Stance As Gensler’s Reign Nears End

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As a seasoned crypto investor with over two decades of experience navigating the dynamic digital asset landscape, I eagerly welcome the potential shift towards a more crypto-friendly environment under President Trump’s administration and the possible appointment of Mark Uyeda as SEC Chair.

As an analyst, I’m sharing that Mark Uyeda, a commissioner at the US Securities and Exchange Commission (SEC), has openly endorsed President-elect Donald Trump’s proposal to ease tensions towards the cryptocurrency sector. Notably, Uyeda is among the rumored candidates for SEC Chair, a position currently held by Gary Gensler, who is presumed to step down upon Trump’s inauguration in 2025.

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

As per a recent report from Fox Business, Mark Uyeda has expressed support for Donald Trump’s proposal to create a cryptocurrency-friendly atmosphere within the United States after Trump’s triumph in the Presidential election on November 5th.

Following Trump’s aspirations, the Securities and Exchange Commission (SEC) commissioner, who is both a Republican party member and a strong advocate for cryptocurrency, has proposed that the U.S. securities regulator should shift from its adversarial regulatory stance under the Biden administration and bring an end to the conflict against the digital asset industry.

Specifically, Mark Uyeda encouraged the Securities and Exchange Commission (SEC) to halt any legal actions against cryptocurrency companies that have not been accused of fraud, yet are unregistered with the commission only due to this oversight.

During Gary Gensler’s leadership, the Securities and Exchange Commission (SEC) has initiated numerous legal actions against crypto businesses like Coinbase and Ripple, due to their offering of unregistered securities. As the Chair of the Commission, Gensler holds the view that most cryptocurrencies, apart from Bitcoin and Ethereum, should be categorized as securities.

As an analyst, I’m advocating that the SEC should temporarily halt any new enforcement actions based on the current premise, until we have clear-cut regulations in place to guide us through this process. It’s worth noting that this recommendation might not impact ongoing court cases, but it could influence the judges’ decisions when making rulings, considering the Commission’s shift in stance.

Mark Uyeda emphasizes the significance of the Securities and Exchange Commission (SEC) supporting Trump’s vision for a thriving U.S. cryptocurrency sector, a choice made by the American public, according to his statement.

Beginning in 2025, it’s clear from President Trump’s election and the will of American voters that the Securities and Exchange Commission (SEC) should fulfill this directive, which they have received.

Who Will Be Gary Gensler’s Replacement?

Without a doubt, Donald Trump has pledged to dismiss Gary Gensler from his position as SEC Chair on his inaugural day in office. The threat of removal looms over the former Goldman Sachs executive, and several individuals have been mentioned as possible successors within Trump’s pro-cryptocurrency administration.

According to its latest analysis, Fox Business has indicated that Mark Uyeda could be among the possible successors for Gensler when he steps down on January 5th. However, it’s also reported that SEC veteran Gensler is facing competition in this role from Dan Gallagher, the Chief Legal Officer of Robinhood Market Inc., and Richard Farley, a prominent Wall Street lawyer, as well.

The identity of the person whom the 47th U.S. President selects to head the Securities and Exchange Commission (SEC) is still unknown to the public, yet the cryptocurrency community remains optimistic about a nominee who will foster substantial growth in the American digital asset sector.

SEC Commissioner Mark Uyeda Backs Trump Pro-Crypto Stance As Gensler’s Reign Nears End

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2024-11-10 02:11