U.S. SEC Commissioner: The SEC’s stance on the encryption industry will undergo a major change next year and reduce enforcement actions

PANews reported on December 26 that, starting next year, the U.S. Securities and Exchange Commission (SEC) will temporarily reduce the size of its committee team, waiting for the Senate to approve the nomination of presidential candidate Donald Trump. During this period, only Republican commissioners Hester Peirce and Mark Uyeda will continue to serve after taking office. According to Peirce, with the departure of SEC Chairman Gary Gensler, the agency’s stance on the encryption industry will change significantly.

At the Blockchain Association Policy Summit earlier this month, Peirce said: “We have powerful tools and have been leaning towards enforcement. I think when you see new committee membership changes and composition changes, , the type of case may also change accordingly.” Uyeda pointed out that due to the special nature of federal agencies, most policy discussions occur in closed meetings, explaining: “The Administrative Procedure Act allows the public to express opinions on regulations. , thus ensuring transparency.”

However, when SEC staff issues guidance that is inconsistent with SEC rules (as in the SAB 121 case), the public does not have an opportunity to comment. In the case of SAB 121, both houses of Congress attempted to overturn policies requiring digital asset custodians to report liabilities and “corresponding assets,” but President Biden ultimately vetoed the resolution. Uyeda hopes the SEC will increase opportunities for the public to express their opinions. Peirce emphasized that the SEC has gone a long way on this road and it is not easy to change. Addressing the crypto industry directly, she said: “It’s going to take a lot of hard work on our part and yours to get back on track, but I believe we can do it.”