SEC’s Explosive Crypto Overhaul in Motion as Uyeda Ends Acting Chair Role

CN
9 months ago

The U.S. Securities and Exchange Commission (SEC) published a statement from Commissioner Mark Uyeda on April 21 following the swearing-in of Paul Atkins as the agency’s new chairman. Uyeda, who had served as Acting Chairman for the past three months after being designated by President Donald Trump, acknowledged the transition while reflecting on his personal history with the agency.

Uyeda highlighted sweeping changes in the SEC’s approach to digital asset regulation during his interim leadership. He emphasized a shift away from enforcement-heavy tactics and toward more structured public engagement. He stated:

We have accomplished many things since January. We established the Crypto Task Force and withdrew enforcement actions in registration-only crypto cases. We replaced SAB 121 and held public roundtables on what regulation of crypto should look like.

These actions marked a notable pivot in the Commission’s treatment of the crypto industry, as the SEC opened the door to reevaluating regulatory standards and providing clarity for market participants.

Under Uyeda, the SEC rescinded SAB 121—an unpopular rule that required firms to list customer crypto as liabilities—replacing it with more flexible guidance. The crypto industry has welcomed this move. To support this shift, the SEC also launched public roundtables via its Crypto Task Force, engaging stakeholders on custody and regulatory issues.

Having first joined the SEC in 2006 as counsel to then-Commissioner Atkins, Uyeda remarked: “Sometimes, life comes full circle.” The former Acting SEC Chair called it a privilege to lead the Commission through a transitional period and thanked staff for their support during changes and challenges, including market volatility and the return to in-person work. “It has been an honor to serve as your Acting Chairman,” he wrote.

The crypto community has largely welcomed the SEC’s shift under Acting Chair Uyeda, viewing it as a departure from the aggressive enforcement tactics of the Gary Gensler era. Uyeda has openly criticized the previous approach as a “disaster” for the industry, advocating instead for clear, rule-based guidance developed through public input rather than retroactive enforcement actions. Under his leadership, the SEC has initiated a Crypto Task Force and proposed time-limited exemptions to foster innovation while awaiting comprehensive legislation. This more collaborative stance has led to the dismissal or pausing of several high-profile lawsuits against firms like Coinbase, Binance, Kraken, and Ripple, signaling a regulatory environment more conducive to growth.

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