Written by: Fairy, ChainCatcher
Edited by: TB, ChainCatcher
Multiple key executives replaced, over 500 employees departed, department restructuring... The U.S. Securities and Exchange Commission experienced intense adjustments in the first half of 2025.
This internal storm is quietly reshaping the regulatory landscape of the crypto market. This article will review the key changes at the SEC over the past six months and analyze whether the "new" SEC has truly opened a friendly door to cryptocurrencies.
Three Chairman Changes, "Adjusting" Crypto Regulatory Rhythm
In the first half of 2025, the U.S. Securities and Exchange Commission (SEC) underwent three chairman replacements: Gary Gensler from the Biden administration, Acting Chairman Mark T. Uyeda, and current Chairman Paul Atkins. Unlike Gensler, who was known for a tough stance and frequent enforcement actions, both Uyeda and Atkins are considered to have a more crypto-friendly attitude.
Acting Chairman Mark T. Uyeda has consistently been open to crypto, casting a crucial vote in favor of the Bitcoin spot ETF. During his short months as acting chairman, Uyeda quickly implemented the Trump administration's pro-crypto promises: establishing a "Cryptocurrency Special Working Group" led by Hester Peirce; rescinding the controversial SAB 121 accounting policy; and creating the "Cyber and Emerging Technologies Unit (CETU)" to replace the old "Crypto Assets and Networks Division".
In April 2025, Paul Atkins officially took over as SEC Chairman, further consolidating this shift in attitude. Atkins is not a stranger to the crypto circle: as early as 2017, he served as co-chairman of the Token Alliance, actively promoting industry standards for token issuance and trading. According to Fortune, Atkins holds crypto-related assets worth approximately $6 million, including shares or other investments in crypto companies like Anchorage and Securitize.
After taking office, Atkins repeatedly expressed a crypto-friendly stance, noting that "the crypto market has been stuck in the SEC's regulatory gray area for years" and promising to "return to the fundamental mission of promoting rather than suppressing innovation" during his tenure.
Major Changes in Core Departments
Besides chairman replacements, the SEC's core departments have also seen several key personnel adjustments. Here are the important position changes at the SEC from the beginning of the year to now:
Among these 10 changed executives, at least two new executives are considered to have crypto industry experience: Brian T. Daly, Director of the Investment Management Division, and Jamie Selway, Director of Trading and Markets.
Brian T. Daly was previously a partner at the international law firm Akin Gump, with digital assets, cryptocurrencies, and blockchain listed as his areas of expertise. Jamie Selway was a partner at Sophron Advisors and served as the global head of institutional markets for Blockchain from 2018 to 2019.
More critically, the departments they manage are extremely important in the SEC's structure. The Investment Management Division is responsible for regulating investment products and services, including mutual funds, ETFs, closed-end funds, and registered investment advisors. The Trading and Markets Division controls the operational rules for market infrastructures such as exchanges, market makers, brokers, and clearing houses. In other words, crypto ETFs and the crypto trading environment are influenced by these two departments.
Meanwhile, the SEC's key "power center" in the enforcement department has also been refreshed. The former Enforcement Division Director Gurbir Grewal, who had a long-standing tough stance on crypto, left office in October 2024. During his tenure, he led multiple heavyweight crypto lawsuits, including those against Ripple and Coinbase. According to Cornerstone Research, the SEC initiated 33 crypto-related enforcement actions in 2024, involving 90 defendants or respondents.
After Grewal's departure, Sanjay Wadhwa took over as Acting Director, and the enforcement intensity has noticeably weakened. Between February and March this year, the SEC withdrew lawsuits against several well-known crypto companies, including Coinbase, ConsenSys, Robinhood, Gemini, Uniswap, and Kraken.
Additionally, the SEC launched a staff "buyout program" at the end of February, offering $50,000 compensation to voluntary departures, ultimately resulting in over 500 employees choosing early retirement or leaving, approximately 10% of the institution's total staff. This "internal slimming down" also created space for subsequent structural reorganization and policy shifts.
Has the SEC's "Crypto Rhythm" Changed?
In terms of regulatory trends, the SEC is engaging through dense meetings and policy statements. In the first half of this year, the SEC has hosted 6 crypto-related roundtable conferences, covering core topics such as regulatory frameworks, custody mechanisms, asset tokenization, and DeFi.
On the rule level, it is also making strides. On May 30, the SEC issued a policy statement about PoS network staking activities, for the first time clearly stating that three types of staking activities do not constitute securities issuance: user self-staking, non-custodial third-party staking, and compliant custodial staking. This provides a clearer compliance path for current crypto staking services.
Meanwhile, ETF approvals are accelerating. On June 11, the SEC sent notifications to multiple institutions planning to issue Solana spot ETFs, requesting they resubmit revised S-1 documents within 7 days and promising to complete review feedback within 30 days of submission.
Personnel changes, rule relaxation, and softened attitudes. This institution that once made countless crypto projects feel like walking on thin ice is now re-engaging with the industry.
Regulation will not disappear, but future regulation may no longer be a high-pressure net, but a bridge towards co-construction.
