Mark Ueda, Commissioner of the US Securities and Exchange Commission (SEC), expressed his full support for US President-elect Donald Trump’s plan to end hostility against the cryptocurrency industry. Interestingly, Ueda has been touted as one of the potential replacements for SEC Chairman Gary Gensler who is widely expected to be fired when Trump is inaugurated in January 2025.
Mark Ueda says the SEC’s war on cryptocurrencies must end
According to A Latest report By Fox Business Mark Ueda backed Donald Trump’s plan to create a cryptocurrency-friendly environment in the United States after the Republican won the presidential election on November 5.
In line with Trump’s goals, the SEC commissioner, who is also a member of the Republican Party and an outspoken supporter of cryptocurrencies, stated that the US SEC must adopt an operational change from the adversarial regulatory approach under the Biden administration and end the war on the digital assets industry.
In particular, Mark Ueda urged the SEC to stop initiating enforcement actions against cryptocurrency entities without any allegations of fraud but only because of their failure to register with the Commission.
It is worth noting that under Gary Gensler, the SEC launched several lawsuits against cryptocurrency companies such as Coinbase and Ripple, for filing unregistered securities as the Chairman of the Commission believes that all cryptocurrencies except Bitcoin and Ethereum are classified as securities.
Uyeda states that the SEC should halt all new enforcement actions based on this same premise until clear regulations are in place to navigate this path. Interestingly, adopting this idea may not close court cases but judges are likely to take into account the committee’s new position when issuing a ruling.
Mark Ueda believes it is important for the SEC to align with Trump’s goal of a thriving US cryptocurrency industry as chosen by the American people. The commissioner said:
President Trump and American voters have sent a clear message. Beginning in 2025, the SEC’s role is to implement this mandate.
Who will be Gary Gensler’s replacement?
In no uncertain terms, Donald Trump has vowed to fire Gary Gensler as Chairman of the Securities and Exchange Commission on his first day in office. As the guillotine hangs over the former Goldman Sachs CEO, several names continue to emerge as potential replacements in Trump’s pro-crypto regime.
Following his latest suspension, Fox Business understands Mark Ueda is one of Gensler’s potential replacements on January 5. However, the long-serving SEC executive is reportedly competing with Robinhood Market Inc.’s chief legal officer. Dan Gallagher too. He represented Wall Street attorney Richard Farley.
Who the 47th US President will choose to be the new head of the SEC remains a public mystery, but the cryptocurrency community still hopes for the appointment of someone who will facilitate the significant development of the US digital asset industry.
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