Commissioner Mark Uyeda, one of the Republican members of the U.S. Securities and Exchange Commission (SEC), is calling for an end to what he describes as the agency’s “war on crypto.”

 Uyeda has been outspoken about the need to re-evaluate the SEC’s approach toward cryptocurrency companies, criticizing the agency’s stringent oversight and enforcement practices.

The cryptocurrency industry has long expressed frustration with SEC Chair Gary Gensler, whose regulatory actions have made him a target for crypto advocates.

 The Blockchain Association, a major industry group representing nearly 100 crypto entities, revealed that its members have collectively spent over $429 million to fight the SEC’s regulatory policies. According to Uyeda, this conflict between the SEC and the crypto sector must come to an end.

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SEC’s War on Crypto Ending

Uyeda, who has served on the SEC since 2022, has emerged as a key ally for the cryptocurrency industry. He has voiced strong opposition to the SEC’s enforcement actions, particularly those targeting companies that fail to register with the agency but are not accused of fraud or harm.

“The Commission’s war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm,” Uyeda asserted. 

He also commented on the recent election results, saying, “President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.”

Following his election victory, former President Donald Trump is expected to remove Gensler from his role as SEC chair, though he cannot directly fire him. Gensler’s term doesn’t expire until June 2026, but analysts believe he may resign early due to mounting political pressure.

Crypto Community’s Reaction to Election Results

The crypto industry has responded positively to Trump’s recent election victory. It views it as a signal that voters are demanding change in Washington, including a shift in crypto policy.

The Stand with Crypto Alliance, a pro-crypto political action committee, reported that over 260 House candidates and 18 Senate candidates supportive of cryptocurrency won in the recent elections.

Trump, who has positioned himself as a “crypto candidate,” has openly embraced digital assets throughout his campaign, even proposing a national Bitcoin reserve. 

He has also pursued his own crypto ventures, including a series of NFTs and a decentralized finance (DeFi) project called World Liberty Financial. This organization has named him its “chief crypto advocate,” while his sons serve as ambassadors for the initiative.

Potential Candidates to Lead SEC’s Crypto Policy Shift

Several high-profile figures are under consideration to replace Gensler as SEC chair. Uyeda himself is a potential candidate, along with Commissioner Hester Peirce, who is popular within the crypto community and known as “crypto mom.”

 Peirce has been a staunch critic of the SEC’s aggressive stance toward crypto companies and, along with Uyeda, has pushed back on several recent enforcement actions.

In September, Uyeda and Peirce issued a dissenting opinion regarding an SEC case involving non-fungible tokens (NFTs), calling the agency’s approach “misguided and overreaching.” 

Peirce has garnered support from influential figures in the crypto space, including Coinbase CEO Brian Armstrong, who recently praised her as “smart, fair, professional,” and someone who “can work with both sides.”

Dan Gallagher, a former SEC commissioner and current chief legal officer at Robinhood, is another candidate being considered. Gallagher recently commented on the possibility, saying, “It’s an honor to have my name included in any discussion of who may be the next SEC chairman.”

The Future of Crypto Regulation

As Trump’s administration prepares to take office, a shift in crypto policy may be on the horizon. With the SEC under scrutiny and possible changes in leadership, the agency’s “war on crypto” could soon come to an end, ushering in a new era of regulatory cooperation for the cryptocurrency industry.