Key takeout
Acting SEC Chair Mark Ueda reviews past cryptocurrency statements as part of Executive Order 14192. This review is intended to change or withdraw the statement to align with current SEC priorities.
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Mark Ueda, acting chairman of the US SEC, has directed staff to consider several crypto-related regulatory statements, including guidance on investment contract analysis for digital assets and the treatment of Bitcoin futures under the Investment Companies Act.
According to an April 5 statement published on the SEC’s X account, other important documents under review are custody standards related to crypto market disclosures, digital asset securities monitoring, and Wyoming’s non-action letter.
Statement from Acting Chair Mark Ueda: In accordance with Executive Order 14192, unleashing prosperity through deregulation and with recommendations from DOGE, I have requested that the staff of the Securities and Exchange Committee be promptly considered the following staff statements.
– US Securities and Exchange Commission (@secgov) April 5, 2025
The lawsuit is based on Executive Order 14192, entitled “Unleashing Prosperity through Deregulation,” and is based on recommendations from the Ministry of Government Efficiency (DOGE).
President Trump issued an order on January 31st, with the aim of reducing the regulatory burden on American businesses and individuals. The executive order encourages federal agencies to reduce unnecessary regulations that could curb innovation and economic growth.
The order targets regulatory rollbacks with a wide range of “10-1” duties, requiring federal agencies to eliminate at least 10 existing rules for each new proposed rule. It marks a sharp escalation from the “2-to-1” policy implemented during Trump’s first term.
Reviews of SEC staff can lead to crypto companies’ rules being simplified or clarified, or less monitoring depending on the outcome.
“The purpose of this review is to identify statements of staff that should be amended or withdrawn in line with current agency priorities,” Uyeda said.
Under the second Trump administration, the SEC is expected to undergo many changes in its priorities and regulatory approach. Regulators have adopted a more encryption-friendly approach compared to previous management.
Over the past few weeks, the SEC has given several examples, dismissing pending cases against major crypto companies such as Coinbase, Consensys and Kraken.
In SEC, covered stubcoins are not securities
Securities Watchdog is working to clarify the status of various crypto assets, deciding which are securities and which are not.
On April 4, the SEC declared that “covered” stubcoins, such as Tether’s USDT and Circle’s USDC, were not classified as securities.
These tokens are fully supported by Fiat reserves or liquid equipment, redeemable in a 1:1 ratio with US dollars and does not require a transaction report with the Commission.
This criterion excludes stablecoins for algorithms that use software for dollar pegs. The guidelines also limit eligible Stablecoin issuers to provide yields from reserves that mix with operational funds or to token holders.
There may be a more kindness towards digital assets as supporters Paul Atkins could lead the SEC. Market Observers hope that Atkins’ appointment could lead to more recognition of digital asset ETFs.
The Senate Banking Committee on Thursday approved Paul Atkins’ nomination as US SEC Chairman, and the process moved to a full Senate vote.
Atkins was able to take on his position shortly after being confirmed by the Senate.
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