Hester Peirce, the head of the US Securities and Exchange Commission’s Crypto Task Force, stated that the agency will likely wait for the Senate to confirm a chair before deciding on a digital assets agenda. Speaking at a Federalist Society panel on February 11, Commissioner Peirce mentioned that it would be “premature” for the SEC to set a regulatory agenda for cryptocurrencies without a confirmed chair who could take charge. Mark Uyeda is currently acting as chair since Gary Gensler’s departure on January 20, but the Senate is expected to vote on former SEC Commissioner Paul Atkins, who was nominated by President Donald Trump. Peirce acknowledged Uyeda’s work and the ongoing agenda, but anticipates that Atkins, if confirmed, would want to set his own agenda.
On January 28, just one week after taking office, Trump nominated Atkins to be an SEC commissioner until June 2031. As of February 11, the Senate Banking Committee had yet to consider his nomination, which requires a majority vote to move Trump’s pick to the chamber for a full floor vote.
Peirce also mentioned that the SEC is “trying to figure out” how to proceed with rulemaking on digital assets. In January, an appellate court ruled that it would not order the commission to develop clear rules for crypto firms, but did agree with Coinbase’s argument that the SEC’s denial of a rulemaking request was “arbitrary and capricious”.
After establishing the Crypto Task Force, the SEC requested delays for two previously filed enforcement actions in different jurisdictions, indicating that the agency’s work in developing a regulatory framework could impact its position. An Illinois judge granted the SEC’s 30-day extension request in a crypto case against Cumberland DRW, but a District of Columbia court had not responded to a similar request in the commission’s case against Binance at the time of publication.
Peirce and Uyeda, both Republicans, currently serve on the SEC alongside Democratic Commissioner Caroline Crenshaw. It is unclear whether Trump intends to nominate a fifth commissioner to fill the leadership position at the financial regulator if Atkins is confirmed.