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CryptoIntelligence 2025-02-12 05:55:59

SEC Awaiting Senate’s Confirmation of New Chair Before Revealing Crypto Policy

The U.S. Securities and Exchange Commission (SEC) is currently awaiting the Senate’s confirmation of a new chair before establishing a definitive regulatory agenda for digital assets. Commissioner Hester Peirce, who leads the SEC’s Crypto Task Force, emphasized that it is “a little premature” to set such an agenda without a Senate-confirmed chair to guide the process. Following the departure of former SEC Chair Gary Gensler on January 20, Mark Uyeda assumed the role of acting chair. President Donald Trump has nominated former SEC Commissioner Paul Atkins for the chair position, with the Senate expected to vote on this nomination soon. Peirce noted, “Acting Chairman Uyeda is doing a great job, and the agenda is working—we haven’t stopped working. But we assume that sometime soon, if Chairman Atkins is confirmed as chairman, he’ll come in and want to set his agenda.” On January 28, President Trump nominated Atkins for an SEC commissioner term ending in June 2031, as Crypto Intelligence reported . As of February 11, the Senate Banking Committee had not yet considered his nomination, which requires a majority vote to advance to the full Senate for confirmation. Peirce also mentioned that the SEC is “trying to figure out” a path forward for rulemaking on digital assets. In January, an appellate court ruled that it would not mandate the commission to develop clear guidelines for crypto firms but agreed with Coinbase’s position that the SEC made an “arbitrary and capricious” decision in denying a rulemaking request. Following the establishment of the SEC’s Crypto Task Force, the commission has requested delays in at least two of its previously filed enforcement actions, suggesting that the agency’s efforts in developing a regulatory framework could influence its stance. An Illinois judge granted a 30-day extension in a crypto case against Cumberland DRW, while a District of Columbia court had not responded to a similar request in the commission’s case against Binance at the time of publication. Currently, the SEC comprises Commissioners Peirce and Uyeda, both Republicans, and Democratic Commissioner Caroline Crenshaw. It remains uncertain whether President Trump intends to nominate a fifth commissioner to complete the leadership team at the financial regulator, pending Atkins’ potential confirmation.

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