Hester Peirce, the head of the US Securities and Exchange Commission’s Crypto Task Force, has stated that the agency will likely wait for the Senate to confirm a chair before deciding on an agenda for digital assets. Speaking at a Federalist Society panel on February 11, Commissioner Peirce emphasized that it would be premature for the SEC to set a regulatory agenda for cryptocurrencies without a confirmed chair who can take charge. Mark Uyeda is currently serving as acting chair following Gary Gensler’s departure on January 20, but the Senate is expected to vote on the nomination of former SEC Commissioner Paul Atkins, made by former President Donald Trump. Peirce acknowledged Uyeda’s performance as acting chairman and the ongoing progress of the agenda, but anticipates that Chairman Atkins, if confirmed, will want to set his own agenda.
On January 28, just one week after assuming office, Trump nominated Atkins to be an SEC commissioner until June 2031. As of February 11, the Senate Banking Committee had not yet considered his nomination, which requires a majority vote to move forward.
Peirce also mentioned that the SEC is working on determining the way forward for rulemaking on digital assets. In January, an appellate court ruled that it would not compel the commission to develop clear rules for crypto firms, but largely agreed with Coinbase’s argument that the SEC’s denial of a rulemaking request was arbitrary and capricious.
Since the establishment of the SEC’s Crypto Task Force, the commission has requested delays for at least two previously filed enforcement actions in different jurisdictions, indicating that its work in developing a regulatory framework could impact its position. An Illinois judge granted a 30-day extension in a crypto case against Cumberland DRW, while a request for a similar extension in the commission’s case against Binance was still pending in a District of Columbia court at the time of publication.
Peirce and Uyeda, both Republicans, currently serve on the SEC alongside Democratic Commissioner Caroline Crenshaw. It is uncertain whether Trump plans to nominate a fifth commissioner to fill the leadership position at the financial regulator if Atkins is confirmed.