The cryptocurrency industry has faced immense hurdles in the United States. This struggle is mostly attributed to the nation’s lack of clear laws. There has been a power struggle among several agencies in the government. The Securities and Exchange Commission (SEC) stands out for a lot of reasons. With Donald Trump taking over the US government, the cryptocurrency industry is hoping to witness drastic changes in the administration.
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Will “Crypto Mom” Take Over?
Trump is expected to begin his duties as president from January 2025. Amidst this, the cryptocurrency community has been waiting to see a change in the SEC. Gary Gensler, the current chairman of the SEC, has given the industry a particularly hard time over the years. After all the support that Trump received from the cryptocurrency community, he would likely replace Gensler. Previously, Trump promised to replace Gensler on his first day in office.
Currently, there are several conjectures about who will lead the SEC in the coming years. While many believe that Hester Peirce would be the SEC’s new chair, this theory was squashed by members of the community. Crypto attorney Jake Chervinsky took the job to X and doubted if Peirce would take it. He said,
“Being chair is a pretty hard, thankless, miserable job tbh. Some commissioners might want it but others might feel they’ve done their time and are ready to move on to greener pastures.“
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Mark Uyeda: The New Face of SEC?
The crypto lawyer believes that SEC commissioner Mark Uyeda is a good fit for the position. Uyeda has been part of the SEC since June 30, 2022. Commissioner Uyeda is well-known for denouncing current Gensler’s crypto regulation strategy. He went on to call his rules a “disaster for the whole industry” in October.
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But Chervinsky believes that Trump could be bringing in a new face to the SEC. He added,
“I expect Trump may prefer to bring in someone new of his own.”