President Donald Trump has appointed Mark Uyeda as the new (acting) Chair of the Securities and Exchange Commission (SEC), signaling a significant shift in the agency’s approach to cryptocurrency regulation. Uyeda, known for his crypto-friendly stance, takes over from former Chair Gary Gensler, who faced criticism from the crypto industry for his strict enforcement policies.
This coincides with Trump’s wider pro-crypto goals as he tries to prepare for Paul Atkins to take the permanent chair post. Uyeda’s appointment arrives at a crucial juncture for the SEC, which faces a slew of big strategic maneuvers ahead of it, including the much-watched Ripple case.
In November, he denounced the agency’s moves, saying: “The Commission’s war on crypto should stop, including crypto enforcement actions based on nothing but a failure to register, without an allegation of fraud or harm.”
Uyeda’s SEC will be focused on building an ecosystem of innovation and capital formation around protecting investors from fraud. His appointment is seen as a significant win for the crypto industry, which has long clamored for clearer regulatory guidelines.
Uyeda’s first major move could be on the Securities and Exchange Commission’s continuing case against Ripple (XRP). In August 2024, the case, which has drawn attention from the crypto community, took a major turn when Judge Analisa Torres came down in favor of the SEC’s unreasonable requests.
The ruling imposed a $125 million penalty on XRP with its unregistered institutional sales, a significant understatement compared to the SEC’s previous demands of up to $876 million.
Most notably, the court then found no fraud or recklessness in Ripple, thus qualifying it as a tier-one civil violation. This ruling was something of a setback for the SEC’s credibility, and Uyeda may now think about recalibrating the agency’s approach. Such pressure could lead to the Ripple case being dropped or even settled, something that aligns with Trump’s crypto-friendliness.
It has shown increased volatility during ever-changing legal uncertainties surrounding XRP. XRP rose 4.95% to $3.1013 on Jan. 20, helping it recover from a 9.55% crash the day before. The token’s near-term course depends on the SEC’s approach, analysts said. If the Ripple case is put on pause or withdrawn, XRP price may break its all-time high of $3.5505. On the other hand, an ongoing legal dispute could drive prices below $2.50.
Uyeda’s immediate plans should be clarified at the SEC’s next Closed Meeting, on January 23. Aspects of the agenda, like the Ripple case, could be a signal of the agency’s new path under his leadership.
Also Read: Trump Admin Fuels XRP Rally, SEC Case in Spotlight
