TechFlow news, December 26 — According to Blockworks, as current SEC Chair Gary Gensler prepares to depart, the U.S. Securities and Exchange Commission (SEC) will retain only Republican commissioners Hester Peirce and Mark Uyeda, pending Senate confirmation of new commissioners nominated by President-elect Trump. Speaking at the Blockchain Association Policy Summit, Peirce stated clearly that the SEC’s regulatory stance toward the crypto industry is expected to undergo a significant shift, moving away from its previous heavy reliance on enforcement actions.
On rulemaking, Commissioner Uyeda highlighted ongoing issues with regulatory transparency. Taking the controversial SAB 121 guidance as an example—a policy requiring digital asset custodians to report liabilities and "corresponding assets" on their balance sheets—he noted it was implemented without undergoing the public notice-and-comment procedures mandated by the Administrative Procedure Act. Although both chambers of Congress previously voted to overturn the guidance, the effort was ultimately vetoed by President Biden.
Peirce acknowledged that because the SEC has advanced so far along its current regulatory path, reversing course will not be easy. She addressed the crypto industry directly: “Getting back on the right track will require tremendous effort from both regulators and the industry, but I believe this goal is achievable.”
