Reviewing the U.S. SEC's Personnel Changes Over the Past Six Months: Is the "New" SEC Really More Crypto-Friendly?
TechFlow Selected TechFlow Selected
Reviewing the U.S. SEC's Personnel Changes Over the Past Six Months: Is the "New" SEC Really More Crypto-Friendly?
Multiple key executives replaced within six months, over 500 employees departed, department restructuring...
Navigating Web3 tides with focused insightsBy Fairy, ChainCatcher
Edited by TB, ChainCatcher
Multiple key executive changes, over 500 departures, departmental restructuring—the U.S. Securities and Exchange Commission (SEC) has undergone dramatic transformations in the first half of 2025.
This internal upheaval is quietly reshaping the regulatory landscape for the crypto market. This article reviews the SEC’s pivotal shifts over the past six months and examines whether the “new” SEC has truly opened its doors to cryptocurrency.
Three Chairs in Six Months: Shifting the Regulatory Frequency
In the first half of 2025, the U.S. Securities and Exchange Commission (SEC) saw three different chairs: Gary Gensler under the Biden administration, acting chair Mark T. Uyeda, and current chair Paul Atkins. Unlike Gensler, known for his hardline stance and frequent enforcement actions, both Uyeda and Atkins are seen as more favorable toward the crypto industry.
Acting Chair Mark T. Uyeda has long held an open stance on crypto. He cast a pivotal vote in favor of spot Bitcoin ETFs. During his brief tenure, Uyeda swiftly implemented Trump-era pro-crypto commitments: establishing a "Crypto Task Force" led by Hester Peirce; rescinding the controversial SAB 121 accounting guidance; and launching the new "Cyber and Emerging Technology Unit (CETU)" to replace the former "Digital Assets and Cyber Unit."
In April 2025, Paul Atkins officially took over as SEC Chair, further cementing this shift in tone. Atkins is no stranger to the crypto space: as early as 2017, he served as co-chair of the Digital Chamber's Token Alliance, actively promoting industry standards for token issuance and trading. According to Fortune, Atkins holds approximately $6 million in crypto-related assets, including stakes in firms like Anchorage and Securitize.
Since taking office, Atkins has repeatedly expressed his pro-crypto stance, stating that "the crypto market has been trapped in a regulatory gray zone at the SEC for years," and pledging to return the agency to its core mission of "fostering rather than stifling innovation."
Major Overhaul of Core Departments
Beyond leadership changes, the SEC has also seen significant personnel shifts across its key divisions. Below are the major appointments since the beginning of the year:
Among these ten changing roles, at least two new appointees are believed to have crypto industry experience: Brian T. Daly, Director of the Division of Investment Management, and Jamie Selway, Director of the Division of Trading and Markets.
Brian T. Daly was previously a partner at international law firm Akin Gump, where digital assets, cryptocurrencies, and blockchain were listed as key areas of expertise. Jamie Selway was a partner at Sophron Advisors and served as Global Head of Institutional Markets at Blockchain from 2018 to 2019.
More importantly, the two divisions they now lead are central to the SEC’s structure. The Division of Investment Management oversees investment products and services such as mutual funds, ETFs, closed-end funds, and registered investment advisers. The Division of Trading and Markets governs the operational rules for exchanges, market makers, brokers, and clearinghouses—meaning both play a crucial role in shaping the environment for crypto ETFs and crypto trading.
At the same time, the SEC’s Enforcement Division—the agency’s key “power center”—has also undergone a leadership transition. Gurbir Grewal, the former director known for his aggressive posture toward crypto, stepped down in October 2024. During his tenure, he led high-profile lawsuits against Ripple and Coinbase. According to Cornerstone Research, the SEC initiated 33 crypto-related enforcement actions in 2024, involving 90 defendants or respondents.
After Grewal’s departure, Sanjay Wadhwa took over as acting director, and enforcement activity noticeably cooled. Between February and March this year, the SEC dropped lawsuits against major crypto firms including Coinbase, Consensys, Robinhood, Gemini, Uniswap, and Kraken.
Additionally, in late February, the SEC launched a voluntary employee “buyout program,” offering $50,000 to staff who opted to leave. More than 500 employees ultimately chose early retirement or resignation—about 10% of the agency’s total workforce. This round of internal downsizing created room for structural reorganization and policy redirection.
Has the SEC Changed Its Crypto Tune?
In terms of regulatory momentum, the SEC is increasingly engaging through meetings and policy signals. In the first half of this year alone, the agency has hosted six roundtables focused on crypto, covering critical topics such as regulatory frameworks, custody mechanisms, asset tokenization, and DeFi.
On the rulemaking front, progress is being made. On May 30, the SEC issued a policy statement on staking activities within PoS networks, clarifying for the first time that three types of staking do not constitute securities offerings: self-staking by users, non-custodial third-party staking, and compliant custodial staking. This provides clearer compliance pathways for current crypto staking services.
Meanwhile, ETF approvals are accelerating. On June 11, the SEC notified several institutions planning to launch spot Solana ETFs, instructing them to resubmit revised S-1 filings within seven days and committing to provide review feedback within 30 days of submission.
Personnel turnover, regulatory loosening, softened rhetoric. An institution once viewed with trepidation by countless crypto projects is now reopening dialogue with the industry.
Regulation won’t disappear—but the regulation of the future may no longer be a web of pressure, but a bridge toward collaboration.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
ChainCatcher 链捕手
