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Starting next year, the SEC will work with a smaller team of commissioners as we wait for the Senate to approve President-elect Donald Trump's nominees.

SEC Commissioners Hester Peirce and Mark Ueda, both Republicans, are the only commissioners who will remain at the agency after Inauguration Day. After SEC Chairman Gary Gensler He leavesYou should see how the agency deals with the cryptocurrency industry Big transformationaccording to Pierce.

“We have a great toolkit,” Pierce said earlier this month during an appearance at the Blockchain Association Policy Summit.

“We have always gravitated toward execution in this area as our tool of choice,” she added. “I think when you see new commission changes and the composition changes, the case mix can change as well.”

Ueda added that the nature of federal agencies means that some — or most, in the case of the SEC — policy discussions take place behind closed doors.

“That's why we have the Administrative Procedure Act, to allow the public to comment on the regulation,” he said. “That is our responsibility to the American public to provide that transparency.”

In cases where agency staff issues guidance that differs from SEC rules (e.g Saab 121), there is no public comment period.

In the case of SAB 121, both houses of Congress were elected coup The policy, which states that digital asset custodians must report liability and “corresponding assets“On their balance sheets. President Biden eventually veto The decision, however.

Ueda looks forward to the agency providing more opportunities for public input.

“Writing Transformation is difficult because we've come such a long way down this road,” Pierce said.

Speaking directly about the cryptocurrency industry, she added: “This is going to take a lot of hard work from us and from you to get back on track, but I believe we can do it.”

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