As a seasoned researcher with years of experience following the complex world of finance and cryptocurrencies, I find myself intrigued by the speculations surrounding the potential new leadership at the SEC under President Trump’s administration in 2025.
In preparation for his inauguration as U.S. President in January 2025, there’s much discussion within the digital currency sector about potential nominees for the head of the United States Securities and Exchange Commission.
According to crypto attorney Jake Chervisy’s recent post on November 6th, Mark Uyeda, currently serving as an SEC commissioner, is widely considered a strong contender for the position.
Commissioner Hiroshi Uyeda has been vocal about his disapproval of SEC Chairman Gary Gensler’s regulatory approach towards cryptocurrencies, labeling it as detrimental to the entire sector, as expressed in October.
Starting on June 30, 2022, Uyeda was selected as a Securities and Exchange Commission (SEC) commissioner. Throughout his tenure, he has been vocal about his opposition to regulations that solely focus on enforcement in the cryptocurrency sector. This stance has garnered backing from industry supporters who are advocating for a more cooperative approach.
“Very low” chance that Hester Peirce would take the lead
Trump had vowed to dismiss Gensler on his inauguration day, leading to widespread speculation within the cryptocurrency sector about SEC Commissioner Hester Peirce as a possible replacement candidate for the position.
SEC Commissioner Peirce was designated by President Trump for the SEC role during his initial term, which started on January 11, 2018.
Nonetheless, it’s “extremely unlikely” that Peirce will assume a leadership position, as per Chervinsky’s assertion. He also expressed doubt about her readiness to accept the top role at the SEC. In his words:
“Being chair is a pretty hard, thankless, miserable job, tbh. Some commissioners might want it (Uyeda), but others might feel they’ve done their time and are ready to move on to greener pastures.”
Within the cryptocurrency sector, Commissioner Peirce is often affectionately known as “Crypto Mom” due to her frequent criticisms of the Securities and Exchange Commission (SEC) for their policies that some believe hinder the advancement of crypto technology. On numerous occasions, she has advocated for the SEC to re-establish open dialogues with the crypto industry, aiming to foster innovation instead of hindering it.
As of now, Peirce hasn’t made any comments regarding Trump’s win in the 2024 U.S. Presidential Election, as seen on her social media profile.
More candidates?
As per Chervinsky’s suggestion, Trump could consider choosing another person instead of Uyeda for the leadership role at the SEC during his term in office.
“I expect Trump may prefer to bring in someone new of his own,” Chervinsky stated.
Furthermore, the lawyer emphasized that Trump’s main focus in cryptocurrency policy should be on countering Biden’s strategy, which aims to undermine the sector through regulatory enforcement.
As per Chervinsky’s perspective, this implies that unnecessary regulatory actions taken by the SEC against significant cryptocurrency companies, as well as the legal pursuit of Tornado Cash by the U.S. Department of Justice, should be discontinued.
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2024-11-07 12:45