Uyeda – Earlybirds Invest

A fast-tracked temporary crypto regulatory framework could bolster innovation within the US crypto industry while permanent regulations are still in the works, says acting US Securities and Exchange Commission (SEC) chair Mark Uyeda.

“A time-limited, conditional exemptive relief framework for registrants and non-registrants could allow for greater innovation with blockchain technology within the United States in the near term,” Uyeda said at the SEC’s April 11 Crypto Task Force roundtable titled “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.”

Relief measures may address immediate challenges

Uyeda said this might be the short-term answer as the SEC works toward a “long-term solution,” at the roundtable with SEC members and crypto industry executives, including Uniswap Labs’ Katherine Minarik, Cumberland DRW’s Chelsea Pizzola, and Coinbase’s Gregory Tusar.

He flagged state-by-state regulation of crypto trading as a concern, warning it could lead to a “patchwork of state licensing regimes.”

Uyeda said that a favorable federal regulatory framework would ease the burden for market participants wishing to offer tokenized securities and non-security crypto assets, allowing them to operate under a single SEC license instead of navigating “fifty different state licenses.”

He urged crypto market participants to share feedback on areas where “exemptive relief” could be appropriate.

Uyeda also reiterated the benefits of blockchain technology in financial markets during the roundtable discussion.

“Blockchain technology offers the potential to execute and clear securities transactions in ways that may be more efficient and reliable than current processes,” Uyeda said.

Uyeda to fill chair position until Atkins is sworn in

“Blockchains can be used to manage and mobilize collateral in tokenized form to increase capital efficiency and liquidity,” he added.

Uyeda will continue serving as acting SEC chair until US President Donald Trump’s nominee, Paul Atkins, is officially sworn in.

On April 10, the US Senate confirmed Atkins as chair of the SEC in a 52-44 vote largely along party lines.

Uyeda has served as acting SEC chair since Jan. 20, succeeding former chair and crypto skeptic Gary Gensler. He’s been widely seen within the industry as a pro-crypto advocate.

On March 18, Cointelegraph reported that Uyea said the SEC could change or scrap a rule proposed under the Biden administration that would tighten crypto custody standards for investment advisers.

“I have asked the SEC staff to work closely with the crypto task force to consider appropriate alternatives, including its withdrawal,” Uyeda said.

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Acting SEC Chair Uyeda Challenges Proposed Rule On Crypto Trading Venues https://earlybirdsinvest.com/acting-sec-chair-uyeda-challenges-proposed-rule-on-crypto-trading-venues/ https://earlybirdsinvest.com/acting-sec-chair-uyeda-challenges-proposed-rule-on-crypto-trading-venues/#respond Tue, 11 Mar 2025 11:29:25 +0000 https://earlybirdsinvest.com/acting-sec-chair-uyeda-challenges-proposed-rule-on-crypto-trading-venues/

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In a significant development for the crypto market in the United States, acting Securities and Exchange Commission (SEC) Chair Mark Uyeda announced plans to revise a controversial proposal requiring digital asset exchanges to register under alternative trading system (ATS) rules.

Uyeda Critiques Regulatory Approach To Crypto Exchanges

Initially introduced in 2022, the proposal sought to broaden the definition of an “exchange” to close a “regulatory gap” concerning various trading platforms. However, it faced substantial pushback from the industry, particularly from major players like Coinbase, who argued that the regulations would severely restrict their operations.

In remarks made at the Institute of International Bankers conference in Washington, Uyeda expressed his view that the SEC had made a misstep by equating the regulation of Treasury markets with attempts to impose stringent oversight on the burgeoning crypto market.

The acting SEC chair emphasized the need to refocus the proposal on its original intent, which aimed to include proprietary trading firms that actively trade US Treasuries, thereby ensuring they are subject to the same regulatory standards as banks and other financial institutions.

Uyeda highlighted a critical point regarding alternative trading systems: while they are pivotal in facilitating trades for securities—including US Treasuries—they are not currently held to the same rigorous transparency and investor protection standards as other trading platforms, therefore raising concerns about market integrity and investor safeguards, particularly in the context of complex financial instruments.

President Trump’s Tariff Policies Spark Fears Of Recession

As the regulator considers how to recalibrate the proposed rule, market participants are left in suspense regarding the timeline for any potential re-proposal or final rule vote.

Major regulatory changes typically unfold over several months, and the process may be further delayed until pro-crypto Paul Atkins, nominated by President Donald Trump to lead the US Securities and Exchange Commission, is confirmed by the Senate.

The timing of these discussions comes amid a challenging period for prices and the broader market. Bitcoin recently fell below $79,000, continuing a downward trend that saw it decline nearly 3% in a single day. Over the past five days, Bitcoin’s value has plummeted more than 13%.

Other crypto assets, including Ethereum (ETH) and XRP, have also experienced significant drops, with Ethereum down about 5% and XRP falling approximately 4%. Solana (SOL) and Cardano (ADA) reported declines of nearly 8% and 7%, respectively, with ADA’s five-day decrease approaching 31%.

These fluctuations in crypto values are closely tied to broader economic concerns, including fears of a looming recession fueled by President Trump’s aggressive tariff policies targeting Canada, Mexico, and China.

Business groups have raised alarms that these import taxes will adversely affect various industries and consumers, exacerbating economic uncertainty.

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