SEC’s Mark Uyeda has strong chance of becoming next chair — Lawyer

6 days ago 3

The SEC’s “Crypto Mom” Hester Peirce is unlikely to replace Gary Gensler as the new chair, crypto lawyer Jake Chervinsky said.

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SEC’s Mark Uyeda has strong chance of becoming next chair — Lawyer

As Donald Trump prepares to take office as president of the United States in January 2025, the cryptocurrency community is speculating on the most likely candidates to lead the US Securities and Exchange Commission.

Mark Uyeda, an SEC commissioner, is seen as a strong candidate for the role, according to crypto attorney Jake Chervinsky in an X post on Nov. 6.

Commissioner Uyeda is known for criticizing the crypto regulatory approach by current SEC Chair Gary Gensler, having in October called his policies a “disaster for the whole industry.”

Government, SEC, United States, Donald Trump, Policy

Appointed as an SEC commissioner on June 30, 2022, Uyeda has consistently opposed enforcement-driven regulation for crypto, earning support from industry advocates seeking a more collaborative approach.

“Very low” chance that Hester Peirce would take the lead

Trump pledged to fire Gensler on the first day of his presidency, and the crypto community has since speculated that SEC Commissioner Hester Peirce may be a potential contender for chair.

Peirce was appointed by Trump during his first presidency on Jan. 11, 2018.

However, the chances that Peirce will take the lead are “very low,” Chervinsky said, adding that he doubts whether she’d be willing to take it. He wrote:

“Being chair is a pretty hard, thankless, miserable job, tbh. Some commissioners might want it (Uyeda), but others might feel they’ve done their time and are ready to move on to greener pastures.”

Many in the crypto community call Peirce “Crypto Mom,” as she criticized the SEC for its restrictive policies stifling crypto innovation. Peirce also repeatedly urged the SEC to restore open communication with the industry to promote innovation rather than impede it.

At the time of writing, Peirce had not provided any remarks on her X profile following Trump’s victory in the presidential election.

More candidates?

According to Chervinsky, Trump might want to opt for someone other than Uyeda to lead the SEC during his administration.

“I expect Trump may prefer to bring in someone new of his own,” Chervinsky stated.

Additionally, the lawyer highlighted that Trump’s top crypto policy priority must be ending Biden’s attempt to “destroy the industry via regulation by enforcement.”

According to Chervinsky, that means dropping the SEC’s unjustified enforcement actions against major crypto firms and the Tornado Cash prosecution by the Department of Justice.