Taking stock of the personnel adjustments of the US SEC within six months, is the "new" SEC really more crypto-friendly?

Author: Fairy, ChainCatcher

Edited by: TB, ChainCatcher

Within six months, the replacement of many key executives, the departure of more than 500 people, and the restructuring of departments... The Securities and Exchange Commission underwent drastic adjustments in the first half of 2025.

This internal storm is quietly reshaping the regulatory landscape of the crypto market. This article will take stock of the key changes in the SEC over the past six months and analyze whether the "new" SEC has truly opened the door to cryptocurrencies.

Chairman three times change, "FM" encrypts the supervision rhythm

In the first half of 2025, the Securities and Exchange Commission (SEC) experienced three changes: Gary Gensler during the Biden administration, acting chairman Mark T. Uyeda, and current chairman Paul Atkins. Unlike Gensler, who has a tough stance and frequent law enforcement actions, Uyeda and Atkins are both considered to be more friendly to the crypto industry.

Acting Chairman Mark T. Uyeda has always been open to crypto, and he has voted key favors for Bitcoin spot ETFs. In just a few months of agency, Uyeda quickly implemented the Trump administration's pro-crypto commitment: establishing a "cryptocurrency task force" led by Hester Peirce; revoking the much-maligned SAB 121 accounting policy; and setting up a "Cyber ​​and Emerging Technology Unit (CETU)" to replace the old "crypto assets and network departments."

In April 2025, Paul Atkins officially took over as SEC chairman, further consolidating this shift in attitude. Atkins is not a stranger in the crypto circle: as early as 2017, he served as co-chair of the digital chamber of commerce Token Alliance, actively promoting the formulation of industry standards for token issuance and trading. According to Fortune, Atkins holds crypto-related assets worth approximately US$6 million, involving shares or other investments in crypto companies such as Anchorage and Securities.

After taking office, Atkins publicly expressed his crypto-friendly stance on many occasions, pointing out that “the crypto market has been trapped in the regulatory gray area of ​​the SEC for many years” and promised to “return to the fundamental mission of promoting rather than curbing innovation” during his term.

The core department has changed

In addition to the change of chairs, the core departments of the SEC have also ushered in a number of key personnel adjustments. The following are the changes in important SEC positions since the beginning of the year:

Among the 10 executives in the change, at least two new executives are considered to have experience in the crypto industry: Investment Management Director Brian T. Daly and Transactions and Marketing Director Jamie Selway.

Brian T. Daly was previously a partner at the international law firm Akin Gump, where digital assets, cryptocurrencies and blockchain are listed as specialized areas in its official resume; Jamie Selway was a partner at Sophron Advisors and served as global head of institutional markets for crypto firm Blockchain from 2018 to 2019.

More importantly, the two departments they are in charge are extremely important in the SEC architecture. The Investment Management Department is responsible for supervising investment products and services including mutual funds, ETFs, closed-end funds and registered investment consultants. The Trading and Marketing Department controls the operating rules of market infrastructure such as exchanges, market makers, brokers, and clearing houses. That is to say, the crypto ETF and the crypto trading environment are affected by these two departments.

At the same time, the key "power center" of SEC law enforcement has also completed a blood change. Gurbir Grewal, a former director of law enforcement who has long been tough on encryption, left office in October 2024, leading several blockbuster crypto lawsuits including Ripple and Coinbase. According to Cornerstone Research data, in 2024, the SEC launched a total of 33 encryption-related enforcement actions involving 90 defendants or respondents.

After Grewal left office, Sanjay Wadhwa took over as acting director, and the law enforcement efforts have slowed down significantly. Between February and March this year, the SEC dropped lawsuits against several well-known crypto companies including Coinbase, Consensys, Robinhood, Gemini, Uniswap and Kraken.

In addition, the SEC launched the employee "buyout plan" at the end of February, providing compensation of US$50,000 to voluntary employees. In the end, more than 500 people chose to retire or leave early, accounting for about 10% of the total number of employees in the agency. This wave of "internal weight loss" also creates space for subsequent structural restructuring and policy shifts.

Has the SEC's "encryption rhythm" changed?

In terms of regulatory trends, the SEC is making statements through intensive meetings and policy statements. In the first half of this year, the SEC has held 6 roundtables related to encryption, covering core issues such as regulatory frameworks, custody mechanisms, asset tokenization and DeFi.

At the rule level, it is also taking steps. On May 30, the SEC issued a policy statement on PoS network pledge activities, clarifying for the first time that three types of pledge behaviors do not constitute securities issuance: including user pledge, non-custodial third-party pledge, and compliant custodial pledge. This provides a clearer compliance path for current crypto staking services.

At the same time, ETF approval has begun to accelerate. On June 11, the SEC issued a notice to several agencies that intend to issue Solana spot ETFs, requiring them to resubmit the revised S-1 document within 7 days and promised to complete the review feedback within 30 days of submission.

Personnel changes, loose rules, and softened attitudes. This institution, which once made countless crypto projects "like walking on thin ice", is re-conversation with the industry.

Supervision will not disappear, but future supervision may no longer be a high-pressure net, but a bridge to co-construction.