SEC “Shifts” Crypto-Related Staff

Under acting chairman Mark Uyeda, the SEC is shifting a number of positions related to crypto issues.

The U.S. Securities and Exchange Commission (SEC) has recently made some notable changes to its staff, especially when it comes to cryptocurrency issues.

According to information from The Wall Street Journal, the SEC has transferred Jorge Tenreiro, a top lawyer and head of the SEC’s cryptocurrency unit, to the computer systems division. Tenreiro served as the agency’s deputy director for crypto assets and cybersecurity, and then became interim director in June 2023 when head David Hirsch left. Tenreiro has also been involved in several high-profile lawsuits against crypto companies, such as Ripple and Coinbase.

In addition to Tenreiro, the SEC also transferred Natasha Guinan, a senior attorney in the office of the chief accountant, to an undisclosed position. Guinan was one of the drafters of the controversial SAB 121 regulation that was revoked last week. The legal framework required banks and financial companies to record cryptocurrencies as a liability on their balance sheets, rather than an asset.

Since its announcement in 2022, SAB 121 has been heavily criticized in the US. Both the US Senate and House of Representatives voted to reject SAB 121, but it was still vetoed by President Biden.

Yesterday, The New York Times reported that the SEC is cutting the size of its crypto enforcement division. Notably, one of the division's top attorneys has also been transferred to another position within the agency. However, it is unclear whether Tenreiro is the person mentioned in this report.

The new SEC under Chairman Mark Uyeda also announced the creation of a task force on cryptocurrency policy, led by Commissioner Hester Pierce, a crypto-progressive.

In a broader sense, the moves echo President Donald Trump’s campaign pledge to revive the crypto industry and reverse SEC enforcement actions. On January 24, the new president signed his first crypto executive order, which aims to create a task force to develop a regulatory framework for the sector.

Two days ago, Trump also directed the creation of a national investment fund, but it is unclear whether it includes Bitcoin!