Home Incoming SEC leadership are poised to kick start crypto overhaul, report states

Incoming SEC leadership are poised to kick start crypto overhaul, report states

TLDR

  • SEC crypto overhaul expected soon, possibly starting next week under Trump administration.
  • Peirce and Uyeda to lead reforms, seeking public and industry input on crypto policies.
  • New SEC chair Paul Atkins may shift focus, ending prior crackdowns by Gary Gensler.

A crypto overhaul could be coming much sooner than anticipated, as reports say changes could be seen as early as next week.

On January 20, next Monday, the inauguration of Donald Trump as the 47th president will take place, with all eyes from the crypto community on the businessman-turned-politican.

According to Reuters, three people briefed on the matter say top Republican officials in the U.S. Securities and Exchange Commission are ‘poised to begin overhauling the agency’s cryptocurrency policies…’

In addition to this, two people are quoted as saying “among the measures commissioners Hester Peirce and Mark Uyeda are weighing are initiating the process that would ultimately lead to guidance or rules clarifying when the agency considers a cryptocurrency to be a security, and reviewing some crypto enforcement cases pending in the courts.”

In previous years, the community has faced a lot of uncertainty, but it’s believed the new SEC chair Paul Atkins could change this. He is a crypto-friendly choice and is widely expected to end a crypto crackdown, but it is not yet known when the Senate will confirm him.

SEC could get ball rolling on crypto overhaul sooner rather than later

In the report, the people said Peirce and Uyeda will hold the majority among the agency’s politically appointed commissioners and are poised to get the ball rolling in the interim.

The duo have previously worked as aides to Paul Atkins when he was at the SEC between 2002 and 2008. One of the sources in the report says the three “have a good relationship.”

The sources, who have declined to be identified discussing private policy plans, suggest the three have already discussed potential crypto overhaul and policy changes.

President Biden’s Democratic SEC chair Gary Gensler brought in at least 83 crypto-related enforcement actions throughout his time in the role. This included using multiple companies in the industry, like Coinbase and Kraken.

Speaking about what will happen in the beginning stages, two sources told Reuters that Peirce and Uyeda are expected to kick off the early stages of a rule-writing process with a call for industry and public feedback.

Featured Image: AI-generated via Ideogram

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Sophie Atkinson
Tech Journalist

Sophie Atkinson is a UK-based journalist and content writer, as well as a founder of a content agency which focuses on storytelling through social media marketing. She kicked off her career with a Print Futures Award which champions young talent working in print, paper and publishing. Heading straight into a regional newsroom, after graduating with a BA (Hons) degree in Journalism, Sophie started by working for Reach PLC. Now, with five years experience in journalism and many more in content marketing, Sophie works as a freelance writer and marketer. Her areas of specialty span a wide range, including technology, business,…

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