President-elect Donald Trump’s possible choice for chairman of the US Securities and Exchange Commission (SEC) reportedly plans to make the country a global leader in crypto.
According to a new report from Fox Business, Trump’s potential pick – current SEC Commissioner Mark Uyeda – says he will overhaul the way the government views the digital asset industry.
“One of the things that President Trump is absolutely right about is that the current administration’s war on crypto must stop. There are a number of things we can do in crypto to make America one of the world leaders in crypto.”
According to Uyeda, one of the burning questions is whether or not crypto assets fall under the jurisdiction of the SEC. Under Chairman Gary Gensler, the SEC took the position that all digital assets except Bitcoin (BTC) and Ethereum (ETH) are securities under its authority.
“From a regulatory perspective, we can provide the right clarity. Some cryptocurrencies are not security at all, but we need to clarify whether or not you fall under the jurisdiction of the SEC. One of the other very important things we can do is create safe havens and regulatory sandboxes to enable that innovation.”
Uyeda goes on to say that whoever gets the job should focus on pushing back on frivolous regulations within the federal government that had “unintended consequences” for crypto. He also says that various US government branches and agencies should work together to establish clear rules of the road for digital assets.
“And finally, we must work with Congress, the White House and other federal regulators to ensure we have a coherent and comprehensive approach to crypto.”
Last week, Gensler announced he would resign on Trump’s inauguration day. His term was marked by enforcement actions against major crypto companies, including Binance, Coinbase, Kraken, Ripple Labs, Uniswap Labs and Consensys.
However, Uyeda recently brushed off rumors that he will be named as Gensler’s successor, saying Trump will tap another person for the role, Fortune reported.
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