PANews reported on December 26 that according to Blockworks, starting next year, the U.S. Securities and Exchange Commission (SEC) will temporarily reduce the size of its commissioner 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 perform their duties after taking office. According to Peirce, with the departure of SEC Chairman Gary Gensler, the agency's stance on the crypto industry will change significantly.
At the Blockchain Association Policy Summit earlier this month, Peirce said: “We have powerful tools and have always preferred to use enforcement. I think when you see the new committee membership changes and the composition changes, the types of cases may also change.” Uyeda pointed out that due to the peculiarities of federal agencies, most policy discussions take place behind closed doors. He explained: “The Administrative Procedure Act allows the public to comment on regulations, which ensures transparency.”
However, the public has not been given a chance to comment when guidance issued by SEC staff is inconsistent with SEC rules, such as in the SAB 121 case. In the SAB 121 case, both houses of Congress attempted to overturn the policy 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 public comment. Peirce emphasized that the SEC has come a long way on this road and that change is not easy. She said directly to the crypto industry: “It will take a lot of hard work from us and from you to get back on track, but I believe we can do it.”
