- Commissioners Hester Peirce and Mark Uyeda will hold the majority among the SEC-appointed commissioners
- The pair could freeze or withdraw non-fraud litigation as early as next week
- They are likely to call on industry and public feedback
Republican commissioners at the US Securities and Exchange Commission (SEC) are set to revise the agency’s crypto policies as President-elect Donald Trump prepares to enter the White House next week.
Commissioners Hester Peirce and Mark Uyeda – who will hold the majority among the SEC’s politically appointed commissioners – are expected to make changes to clarifying crypto as early as next week, reports Reuters.
According to sources familiar with the matter, Peirce and Uyeda will review crypto enforcement cases. They could also freeze or withdraw non-fraud litigation. Many defendants argue that cryptocurrencies are more like commodities rather than securities; however, it’s unclear when SEC rules apply.
Both are crypto enthusiasts who have voiced their concerns over strict crypto rules.
Along with Peirce and Uyeda, crypto-friendly Paul Atkins has been selected as the next SEC Chair. Current Chair Gary Gensler will step down on January 20, the day Trump is sworn in. Atkins, who served as an SEC commissioner under President George W. Bush, has been an outspoken advocate for the crypto industry.
The selection of Atkins comes as Trump aims to provide clearer guidelines for the crypto market, which has long been frustrated by Gensler’s approach. Under his leadership, the SEC has launched around 83 crypto-related enforcement actions, targeting companies including Coinbase, Kraken, and Ripple Labs.
Peirce and Uyeda, both former aides to Atkins, are likely to start the rulemaking process, calling for industry and public feedback.
