SEC Commissioner Mark Ueda talks about the agency's handling of cryptocurrencies on “Morning with Maria.”
Republican SEC Chairman Mark Ueda wants to help the Biden administration fulfill President-elect Donald Trump's promise to end the so-called crypto wars, FOX Business has learned.
Mr. Ueda has served as a member of the commission since 2022, and told FOX Business that he is likely to become acting chairman when President Trump takes office in January. One option would be to suspend new enforcement actions against companies that fail to register, he said. Until clear road rules are in place.
“The European Commission's war on virtual currencies, including virtual currency enforcement actions based solely on registration failures with no allegations of fraud or harm, must end,” he said. “President Trump and American voters have sent a clear message. Starting in 2025, the SEC's role will be to carry out that mission.”
Ueda's statement echoes President Trump's campaign promise to end the crypto wars under current SEC Chairman Gary Gensler, who has brought more than 100 enforcement actions against the industry over the past three years. It is a reflection. Many of those cases involved legitimate wrongdoing, such as fraud and money laundering, such as the case against Sam Bankman Fried, founder of bankrupt exchange FTX and currently in prison.
However, cases like the high-profile cases against Coinbase, Ripple, Kraken, ConsenSys, and Cumberland DRW, which were brought because Mr. Gensler believed these companies were involved in the sale of unregistered securities. Other lawsuits involve more mundane rule violations, such as .
Securities and Exchange Commission Chairman Gary Gensler on Wednesday said he fears more investors in the cryptocurrency market will be harmed following this month's implosion of a stablecoin known as TerraUSD. said. REUTERS/Jonathan Ernst/File Photo (Reuters/Jonathan Ernst/File Photo/Reuters Photo)
It is unclear what the suspension of all new enforcement actions for failure to register with the commission will mean for companies such as Coinbase and Ripple, which are actively litigating this issue. However, such an order from the commission could prompt judges to consider the agency's new position in court.
Gensler’s position that all crypto tokens except Bitcoin and Ether are securities subject to the jurisdiction of the SEC faces strong opposition from the crypto industry, its legal advocates, and numerous lawmakers. . It also drew sharp criticism from fellow commissioners like Ueda and Hester Peirce, who have advocated for a more transparent approach to regulation, including creating clear guidelines for digital assets and working directly with industry stakeholders. are collecting.
Mr. Trump has vowed to “fire” Mr. Gensler on his first day in office, but his only authority is to strip him of his chairmanship. Mr. Gensler could remain on the committee until his term ends in June 2026 if he wishes, and there is speculation that he may choose to do so as a way to thwart Mr. Trump's policy decisions. President Trump is likely to push Ueda to lead the agency, at least until a new chairman is named.
The SEC did not respond to requests for comment.
Former US President Donald Trump speaks at the Bitcoin 2024 conference in Nashville, Tennessee, USA, Saturday, July 27, 2024. Trump has said that if he returns to the White House with a bid, he will ask the government to create a huge reserve fund for Bitcoin. to (Photographer: Brett Carlsen/Bloomberg via Getty Images/Getty Images)
Peirce's term ends in June 2025, and people familiar with the matter say she has privately indicated that she does not want to become chair. Instead, these sources say she is interested in potentially leading an internal “crypto task force.”
It is unclear what the specific activities of this special committee will be or what its purpose will be, but Peirce, who is nicknamed “Crypto Mama” due to her favorable views on the industry, said she would work directly with the industry. He is a proponent of the idea of building comprehensive regulations. framework.
U.S. Securities and Exchange Commission Commissioner Hester Peirce during the Permissionless II event on September 11, 2023 in Austin, Texas. (Thomas Allison/Bloomberg via Getty Images/Getty Images)
Ueda has also been a vocal critic of how government agencies have approached digital asset regulation. Last month, he made headlines when he appeared on FOX Business and described the department's policies and approach to cryptocurrencies as “a disaster for the entire industry.”
“We've been sending out this 'policy through enforcement,' but we haven't done anything to provide any guidance on that,” he said.
