- Gary Gensler officially steps down as the chairman of the US Securities and Exchange Commission (SEC) as Mark Uyeda takes over as the acting chairman.
- Gensler’s administration received 145,000 tips, referrals, and complaints with 18% related to the crypto industry.
The US Securities and Exchange Commission (SEC) has unveiled Mark Uyeda as the acting chairman following the official stepdown of Gary Gensler. As mentioned in a previous CNF report, former SEC Commissioner Paul Atkins has been appointed to lead the Agency. However, his official duty is pending confirmation by the Senate.
Congratulations to our new Acting Chairman Mark Uyeda: https://t.co/BpZuLBfrz5— Hester Peirce (@HesterPeirce) January 20, 2025
Uyeda, who is temporarily taking charge, has been a staunch critic of the previous administration. In an earlier interview, he strongly criticized the regulation through an enforcement approach by the Gensler-led Commission and described it as a disaster for the crypto industry. In December, he also predicted that the crypto industry could have better clarity under Donald Trump’s administration.
Recap of Gensler-Led SEC
In November, the SEC released a detailed report highlighting some of the achievements of Gensler. According to the details, his administration ensured that critical infrastructure was adopted to boost the $28 trillion U.S. Treasury markets. The SEC also controlled the operation of the stock market by updating its National Market System to reduce spreads and fees.
With the achievements highlighted under the Enforcement and Examination category, it was stated that the Commission received about 145,000 tips, referrals, and complaints. Out of this, 18% were related to the crypto industry despite comprising less than 1% of the US capital market.
Gensler’s led administration also awarded $1.5 billion to whistleblowers. Meanwhile, the Commission filed 2,700 Enforcement actions and made $21 billion in penalties and disgorgement orders. In an enforcement action that lasted between 2021 and the 2024 fiscal year, $2.7 billion was reported to have been retrieved from aggrieved investors.
Looking at the possible impact of Gensler’s official step down on the crypto industry, we found multiple statements from key crypto players suggesting that most lawsuits against crypto companies could be discontinued.
According to Pantera’s Chief Legal Officer Katrina Pagli, most of these cases could be closed through settlements. Also, the Commission could dismiss some and withdraw all their claims, per a CNF report.
Crypto Under the New Administration
Under the current administration, multiple crypto-friendly bills are expected to be passed, including the one introduced in November 2024 in Pennsylvania’s House of Representatives.
This bill mandated the state’s treasurer and public pension funds to invest in Bitcoin. Fascinatingly, Republican Mike Cabell, who lost his re-election bid this time, expects it to be reintroduced. Earlier, he confirmed that the bill generated a lot of interest within the crypto community.
I had a friend who is a rep down the road text me, ‘Oh my god, I’m getting so many emails and phone calls to my office,’ more than he ever did about any other bill.
Meanwhile, the research director for the National Association of State Retirement Administrators, Keith Brainard, has stated that he does not expect many public pension fund investment professionals with $6 trillion in assets to invest in cryptos. Amidst the backdrop of this, Oklahoma could soon integrate Bitcoin into state savings and pension funds, per a CNF report.
