SEC chair Uyeda proposes temporary fix for crypto regulation at roundtable

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SEC considers temporary crypto fix at roundtable

Key Takeaways

- Acting SEC Chair Mark Uyeda proposed a temporary, conditional exemptive relief framework to ease crypto trading while a long-term regulation is developed.

- The initiative was discussed at the SEC crypto task force roundtable with key participation from major industry players such as NYSE, Uniswap Labs, FalconX, and Coinbase.

- This shift marks a departure from the enforcement-heavy stance of former SEC Chair Gary Gensler and aligns with expectations of a more crypto-friendly regime under incoming Chair Paul Atkins.

- Concerns remain over multi-functional roles of crypto platforms, with calls to exclude peer-to-peer transactions from SEC oversight and resolve jurisdictional battles with the CFTC.

The idea is to allow registrants and nonregistrants greater flexibility while the agency crafts a long-term regulatory solution. Participants included executives from the New York Stock Exchange, Uniswap Labs, FalconX, Coinbase, and investor groups. “While the Commission works to develop a long-term solution, a time-limited measure could foster innovation in blockchain technology in the near term,” Uyeda stated. This marks a clear departure from the more cautious, enforcement-heavy stance adopted under former SEC Chair Gary Gensler, who treated most cryptocurrencies as securities and pursued aggressive legal actions against major crypto players.

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Shifting regulatory tides and industry debate

The roundtable, facilitated by the SEC’s crypto task force—a unit established under Republican Commissioner Hester Peirce soon after President Trump took office—demonstrated growing support within the agency for a friendlier regulatory regime. Newly confirmed SEC Chair Paul Atkins is expected to prioritize developing clear digital asset regulations. However, concerns persist among some commissioners. Democrat Caroline Crenshaw warned that crypto platforms performing multiple roles (broker, clearing house, custodian) present risks that have already led to significant market disruptions.

Panelist Katherine Minarik of Uniswap Labs argued that peer-to-peer transactions, where users retain custody of their assets, should fall outside SEC jurisdiction. Meanwhile, jurisdictional disputes between the SEC and the Commodity Futures Trading Commission continue to fuel debates over oversight responsibility, with voices like Urvin Finance co-founder Dave Lauer cautioning that regulatory infighting has directly harmed investors.

UNI price. Source: CoinGecko.

Looking ahead, market watchers will be keen to see whether this temporary relief framework can pave the way for a stable and innovation-friendly long-term regulatory approach.

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