With former SEC Chair Gary Gensler’s exit on Monday, a wave of optimism has swept through the XRP community. This announcement, made via the SEC’s official website, revealed that Mark Uyeda, a Republican commissioner, would serve as the acting SEC Chair following Gensler’s resignation. The White House confirmed Uyeda’s appointment on January 21, a day after President Donald Trump’s second inauguration. Later in the day, the SEC announced the formation of a Crypto Task Force, led by pro-crypto commissioner Hester Peirce, aiming to establish clear guidelines for the digital asset industry. Notably, the crypto sector has keenly watched this leadership transition, as Uyeda has been a vocal critic of Gensler’s regulatory policies. During his tenure, Gensler pursued an aggressive “regulation-by-enforcement” strategy, targeting several crypto firms, including Ripple, Binance, and Coinbase, for allegedly violating securities laws. This approach created an environment of uncertainty and drew widespread criticism from industry leaders. On the other hand, Uyeda has signaled a more innovation-friendly regulatory stance. Speaking to Reuters in November, he emphasized the need to “focus on capital formation and innovation while protecting investors from fraud.” Ripple’s legal team hopes the SEC under Uyeda might reconsider its approach to the XRP lawsuit. In a tweet , Ripple’s Chief Legal Officer, Stuart Alderoty, acknowledged Uyeda’s leadership, expressing optimism that it would bring regulatory clarity to the industry. “The SEC’s war on crypto created confusion about what is legal and an environment hostile to innovation. Looking forward to working with the Crypto Task Force to undo the prior administration’s damage.” Stuart wrote. Elsewhere, pro-Ripple lawyer Jeremy Hogan speculated that Uyeda, alongside Commissioner Peirce, could potentially settle the Ripple case or implement meaningful policy changes. However, Hogan noted that major decisions like that would likely be delayed until the confirmation of the new SEC Chair, Paul Atkins. That said, Gensler’s legacy remains a point of contention. During his tenure, the SEC filed numerous lawsuits against crypto entities and introduced stringent regulations. Gensler justified his actions as necessary to protect investors and ensure market transparency. However, critics accused him of stifling innovation and alienating the crypto community. Last week, Ripple CEO Brad Garlinghouse once described the SEC’s approach towards the ongoing XRP lawsuit under Gensler as “the true definition of insanity.” At the same time, Alderoty predicted the new administration would abandon the SEC’s failed arguments in the Ripple case. Meanwhile, former President Donald Trump has advocated bold crypto reforms, including proposing Bitcoin as a national reserve asset. However, the launch of two meme coins, TRUMP and MELANIA, by Trump and his wife has sparked criticism, with many accusing them of being potential pump-and-dump schemes. On January 20, one crypto user joked about missing “regulation through enforcement,” a dig at the SEC’s former tactics, while popular news columnist DB remarked , “Gensler is laughing at us.” Elsewhere, Yahoo finance journalist Zach Guzman also flagged the TRUMP and MELANIA token launches as potential constitutional violations. That said, while the XRP community celebrates Gensler’s exit and anticipates a more crypto-friendly SEC under Uyeda, uncertainty remains about how the new leadership will tackle fraud and regulate crypto, particularly under a bolder president willing to take riskier bets.
