The SEC’s team will be smaller next year as we await the Senate’s approval of the nominees for President-elect Donald Trump.
Hester P. Peirce (both Republicans) and Mark Uyeda (both Democrats) are the last two SEC Commissioners to remain in their positions after Inauguration. Peirce believes that after Gary Gensler leaves, the SEC’s approach to the crypto-industry will change dramatically.
“We have a big toolkit,” Peirce spoke earlier this month, during a speech at the Blockchain Association Policy Summit.
“We’ve always gravitated toward enforcement in this area as our tool of choice,” She also added. “I think when you see new commission changes and the composition changes, then the mix of cases can change as well.”
The nature of federal agencies means that some — or most, in the SEC’s case — policy discussions happen behind closed doors, Uyeda added.
“That’s why we have the Administrative Procedure Act, to allow the public to comment on regulation,” “He said” “That’s our accountability for the American public to provide that transparency.”
When agency staff issues guidance that is different than SEC rules, such as SAB 121 (for example), the public does not have a comment period.
SAB121 was a policy that both houses of Congress decided to change. It stated digital asset custodians were required to report liabilities. “corresponding assets” On their balance sheets. However, President Biden eventually vetoed that resolution.
Uyeda hopes that the agency will provide more chances for public feedback.
“Writing the shift is hard because we are pretty far down this road,” Peirce stated.
She added that she addressed the crypto industry in direct terms. “this is going to require a lot of hard work from us and from you to get back on the right foot, but I think we can do it.”
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