President-elect Donald Trump’s possible pick for Chair of the U.S. Securities and Exchange Commission (SEC) is reportedly planning to make the nation a global leader in crypto.
According to a new report by Fox Business, Trump’s potential pick – current SEC Commissioner Mark Uyeda – says that he would overhaul how the government views the digital assets industry.
“One of the things that President Trump is absolutely right is, the current administration’s war on crypto needs to stop. There are a number of things that we can do with respect to crypto to help make America one of the global leaders in crypto.”
According to Uyeda, one of the burning questions is whether or not crypto assets fall under the jurisdiction of the SEC. Under Chair Gary Gensler, the SEC took the position that all digital assets except Bitcoin (BTC) and Ethereum (ETH) are securities that fall under its authority.
“From a regulatory perspective, we can provide the appropriate clarity. Some crypto is not even a security at all, but we need to make clear whether or not you fall within SEC jurisdiction or not. One of the other very important things we can do is create safe harbors and regulatory sandboxes to allow that innovation to occur.”
Uyeda goes on to say that whoever gets the job should focus on cutting frivolous regulations within the federal government that had “unintended consequences” for crypto. He also says that different US government branches and agencies should work together to establish clear rules of the road for digital assets.
“And finally, we need to work with Congress, the White House and other federal regulatory agencies to make sure we have a cohesive and comprehensive approach to crypto.”
Last week, Gensler announced that he would step down from his position on Trump’s inauguration day. His term was marked with enforcement actions against marquee crypto firms, including Binance, Coinbase, Kraken, Ripple Labs, Uniswap Labs and Consensys.
However, Uyeda recently brushed off rumors that he will be named as Gensler’s successor, saying that Trump will tap a different person for the role, Fortune reported.
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