US Securities and Exchange Commission (SEC) Chairman Gary Gensler resigned from his position. In his place, SEC Commissioner Mark Uyeda was appointed interim chairman. This change is expected to make the regulator have a friendlier perspective in the cryptocurrency space.
Mark Uyeda Appointed as SEC Chairman
Mark Uyeda took office as the new interim chairman of the SEC. Uyeda plans to take a more flexible and supportive approach to crypto assets. After taking office, it is expected that clearer and guiding policies will be developed for the crypto sector.
The SEC is enforcing policy without providing guidance.
Mark Uyeda, Interim SEC Chairman
Caroline Pham Becomes CFTC President
Following the resignation of U.S. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam, Caroline Pham was appointed interim chairman. Pham supports smart regulation for digital asset companies and aims to lead the industry with initiatives such as regulatory sandboxes.
Smart editing ensures clear rules are set.
Caroline D. Pham, Interim CFTC Chairman
Complexity in Crypto Regulations
The lack of clarity of jurisdiction between the SEC and CFTC leads to difficulties in regulating crypto assets. Bitcoin $107,955.4Apart from being recognized as a commodity, it remains unclear which category other crypto assets fall into. This continues to create uncertainty for crypto companies.
Remaining three commissioners of the SEC ensures that the institution can continue to operate and a 2:1 majority can be achieved in decision-making processes. This structure allows the SEC to continue its regulatory activities.
CFTC Chairman Caroline Pham plans to adopt more flexible and innovative approaches to ensuring regulations. Developing regulations appropriate to the needs of the crypto industry aims to support the growth and stability of the sector.
The inauguration of both presidents could herald significant changes in crypto regulations in the US. Clearer and flexible regulations can contribute to the healthier functioning of crypto markets.
Regulatory Future
Interim presidential changes at the SEC and CFTC mark the beginning of a new era in the regulation of crypto assets. Establishing clear rules can reduce uncertainty in the industry and create a safer environment for investors.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
