Acting SEC chair Uyeda directs staff to review statements on investment contract framework, Bitcoin futures fund guidance

Mark Uyeda, acting chair of the US SEC, has directed staff to review several crypto-related regulatory statements, including guidance on the investment contract analysis of digital assets and the treatment of Bitcoin futures under the Investment Company Act.

Other key documents under review are crypto market disclosure letters, digital asset securities oversight, and custody standards tied to Wyoming’s no-action letter, according to an April 5 statement posted on the SEC’s X account.

Statement from Acting Chairman Mark Uyeda: Pursuant to Executive Order 14192, Unleashing Prosperity Through Deregulation, together with recommendations from DOGE, I have requested Securities and Exchange Commission staff promptly to review the following staff statements.

— U.S. Securities and Exchange Commission (@SECGov) April 5, 2025

The action is being taken under Executive Order 14192, titled “Unleashing Prosperity Through Deregulation,” and on recommendations from the Department of Government Efficiency (DOGE).

President Trump issued the order on January 31, aimed at reducing regulatory burdens on businesses and individuals in the US. The executive order encourages federal agencies to cut back on unnecessary regulations that could stifle innovation or economic growth.

The order targets regulatory rollbacks with a sweeping “10-for-1” mandate, requiring federal agencies to eliminate at least ten existing rules for every new one proposed. It marks a sharp escalation from the “2-for-1” policy implemented during Trump’s first term.

The SEC staff’s review could lead to simplified or clarified rules for crypto companies, or possibly less oversight depending on the outcome.

“The purpose of this review is to identify staff statements that should be modified or rescinded consistent with current agency priorities,” Uyeda stated.

Under the second Trump administration, the SEC is expected to undergo plenty of changes in its priorities and regulatory approach. The regulator has adopted a more crypto-friendly approach compared to previous administrations.

Over the past few weeks, the SEC has dismissed pending cases against major crypto companies like Coinbase, Consensys, and Kraken, to name a few.

SEC states covered stablecoins are not securities

The securities watchdog is also working to clarify the status of various crypto assets, determining which are securities and which are not.

On April 4, the SEC declared that ‘covered’ stablecoins, such as Tether’s USDT and Circle’s USDC, are not classified as securities.

These tokens, fully backed by fiat reserves or liquid instruments and redeemable at a 1:1 ratio with US dollars, will not require transaction reporting with the commission.

The criteria exclude algorithmic stablecoins that use software for their dollar peg. The guidelines also restrict covered stablecoin issuers from mingling reserves with operational funds or offering yields to token holders.

With pro-innovation Paul Atkins potentially leading the SEC, there may be a more accommodating stance toward digital assets. Market observers hope that Atkins’ appointment could lead to more approvals of digital asset ETFs.

The Senate Banking Committee on Thursday approved Paul Atkins’ nomination as US SEC Chair, with proceedings moving to a full Senate vote.

Atkins could assume his position shortly after he is confirmed by the Senate.