PANews reports that the U.S. Securities and Exchange Commission (SEC) will provisionally reduce its commissioner count commencing next year while it awaits Senate approval of President Donald Trump’s nominee.
Hester Peirce and Mark Uyeda, the sole Republican commissioners, will continue to fulfil their obligations during this time. Peirce predicted that the SEC’s perspective on the crypto industry would undergo a substantial transformation following the departure of SEC Chair Gary Gensler.
Peirce declared at a recent policy summit of the Blockchain Association, “We have robust tools and have consistently prioritized enforcement.” The categories of cases may also alter as a result of the addition of new commission members and the modification of the commission’s composition. Uyeda observed that the majority of policy discussions are conducted behind closed doors as a result of the distinctive characteristics of federal agencies. He elaborated, “The Administrative Procedure Act guarantees transparency by permitting the public to submit comments on regulations.”
Nevertheless, the public is unable to provide feedback when SEC staff guidance does not correspond with SEC regulations, as was the case in the SAB 121 case. President Biden ultimately vetoed the resolution, despite the fact that both chambers of Congress attempted to rescind the policy mandating that digital asset custodians disclose liabilities and “corresponding assets” in the SAB 121 case.
Uyeda anticipates that the SEC will expand the opportunities for public comment. Peirce emphasized that the SEC has made significant progress along this path, and change is not a simple process. She directly addressed the crypto industry, stating, “I am confident that we can achieve our goals with a collaborative effort from both of us, despite the significant amount of hard work required to get back on track.”
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