The U.S. Securities and Exchange Commission (SEC) is set for a big shift in its approach to cryptocurrency, and its first step starts with Chairman Gary Gensler stepping down and pro-crypto Paul Atkins replacing him.
Given this leadership transition is scheduled for January, it is likely that the SEC will have more crypto-friendly commissioners after anti-crypto Commissioner Caroline Crenshaw’s time for renomination expired.
Speaking to Coinage in a recent interview, SEC Commissioner Hester Peirce discussed the imminent changes. She called this a “time of transition” and “optimism.” While Peirce conceded there would be a bit of uncertainty as the new leaders take the reins, she also said the new team can start making changes right away.
“There’s still going to be a time of uncertainty because it will take some time before our new Chairman gets here, but there are some things we can do right out of the gate at least get processes started to make some changes,” she said.
One of the things that Peirce is really excited about is possible changes to crypto ETFs, especially the possibility that Ethereum ETFs can boot up staking, which in short is letting ETF investors exchange their shares for real crypto assets. All of these changes Peirce believes could actually make life better for investors.
If it changes from a majority of Commissioners who don’t want things to go through to a majority of Commissioners who do want things to go through, then yeah, it’s easier,” she said.
In certain locations, such as Europe, ETF issuers are allowed to stake the assets that they hold in order to help them make more money for investors. Under new leadership, this could be approved, according to Peirce, allowing U.S. issuers to do the same.
Looking ahead, Peirce hopes that by the end of 2025, the SEC will have a clear and predictable set of regulations concerning the crypto market, which will ensure that businesses can focus on innovation.
Specifically, she was looking forward to working with Atkins again, saying changes could come quickly once he takes office.
Also Read: Hester Peirce Sparks SEC Buzz with Paul Atkins Return
