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Crypto regulation in transition: SEC under Mark Uyeda rethinks strict retention rules and focuses on innovation
The US Securities and Exchange Commission (SEC) is at a turning point in its approach to crypto regulation. Under the leadership of Acting Chairman Mark Uyeda, the controversial retention rule previously proposed by former SEC Chairman Gary Gensler will be reexamined. This could have a significant impact on the crypto industry. ### Strict rules may be off the table The proposal, introduced two years ago, required investment advisers to deposit crypto assets only with recognized depository institutions such as banks. This rule faced significant opposition from the industry as it was seen as a barrier to innovation and disadvantaged smaller players. Uyeda has...
Crypto regulation in transition: SEC under Mark Uyeda rethinks strict retention rules and focuses on innovation
The US Securities and Exchange Commission (SEC) is at a turning point in its approach to crypto regulation. Under the leadership of Acting Chairman Mark Uyeda, the controversial retention rule previously proposed by former SEC Chairman Gary Gensler will be reexamined. This could have a significant impact on the crypto industry.
### Strict rules possibly off the table
The proposal, introduced two years ago, required investment advisers to deposit crypto assets only with recognized custodians such as banks. This rule faced significant opposition from the industry as it was seen as a barrier to innovation and disadvantaged smaller players. Uyeda has now recognized that this rule may be too broad and restrictive, making it more of an obstacle than a solution. As a result, he has directed the SEC to actively explore alternatives, working closely with the crypto task force. There is even a prospect of completely withdrawing this measure, which would be seen as a great success by the industry. The goal is to create regulation that both protects investors and does not hinder innovation in the crypto sector.
### Change of course under Trump
The SEC's new, flexible course is closely linked to the change in political power in Washington. Gensler resigned on the day Donald Trump took office, and the tone regarding crypto regulation has changed significantly since then. While the Biden administration implemented strict rules and enforcement measures, the Trump administration is taking a different approach. Instead of a tough, hostile stance, the new leadership is relying on collaboration with the industry. This allows for a review of controversial rules, such as the expanded definition of “exchanges” and the mandatory accounting rules for crypto assets, which may be eliminated entirely.
Trump has already emphasized during his political campaign that he wants to make America the “crypto capital” of the world. This ambitious goal appears to be becoming more and more achievable with recent political changes and strategic measures.