Original Title: "A Look at the Six-Month Personnel Changes at the U.S. SEC: Is the 'New' SEC Really More Crypto-Friendly?"

Original Author: Fairy, ChainCatcher

Over the past six months, key executives have been replaced, over 500 people have left, departments have been restructured... the U.S. Securities and Exchange Commission (SEC) experienced a turbulent adjustment in the first half of 2025. This internal storm is quietly reshaping the regulatory landscape of the crypto market. This article will take stock of the SEC's key changes over the past six months and analyze whether the 'new' SEC has truly opened the door to cryptocurrency in a friendly manner.

Three Chair Changes, 'Tuning In' the Crypto Regulation Rhythm

In the first half of 2025, the U.S. Securities and Exchange Commission (SEC) witnessed three chair changes: Gary Gensler during the Biden administration, Acting Chair Mark T. Uyeda, and current Chair Paul Atkins. Unlike Gensler, who had a firm stance and frequently initiated enforcement actions, Uyeda and Atkins are both considered to have a more favorable attitude toward the crypto industry.

Acting Chair Mark T. Uyeda has consistently had an open attitude towards crypto. He once cast a crucial vote for a Bitcoin spot ETF. During his brief acting period, Uyeda quickly implemented the pro-crypto promises of the Trump administration: establishing the "Cryptocurrency Special Working Group" led by Hester Peirce; repealing the controversial SAB 121 accounting policy; and establishing the "Cybersecurity and Emerging Technology Unit (CETU)" to replace the old "Digital Assets and Technology Department."

In April 2025, Paul Atkins officially took over as SEC Chair, further solidifying this shift in attitude. Atkins is no stranger to the crypto community: as early as 2017, he served as Co-Chair of the Chamber of Digital Commerce's Token Alliance, actively promoting industry standards for token issuance and trading. According to Fortune, Atkins holds about $6 million worth of crypto-related assets, including stakes or other investments in crypto companies like Anchorage and Securitize. After taking office, Atkins has publicly expressed a crypto-friendly stance multiple times, stating that "the crypto market has been trapped in a regulatory gray area at the SEC for years," and pledging to "return to the fundamental mission of promoting rather than stifling innovation" during his term.

Main Shake-up in Core Department

In addition to the change in leadership, the SEC's core department has also seen several key personnel adjustments. The following are the significant personnel changes at the SEC from the beginning of the year:

Among these 10 executives, at least two new executives are believed to have experience in the cryptocurrency industry: Director of the Division of Investment Management Brian T. Daly and Director of the Division of Trading and Markets Jamie Selway. Brian T. Daly previously served as a partner at the international law firm Akin Gump, with digital assets, cryptocurrency, and blockchain listed as areas of expertise on his official resume; while Jamie Selway was a partner at Sophron Advisors and served as the Global Head of Institutional Markets at the cryptocurrency company Blockchain from 2018 to 2019.

More critically, the two departments they oversee are crucial within the SEC's structure. The Division of Investment Management is responsible for regulating investment products and services, including mutual funds, ETFs, closed-end funds, and registered investment advisers. The Division of Trading and Markets controls the operational rules of market infrastructure such as trading platforms, market makers, brokers, and clearinghouses. This means that both the crypto ETF and the crypto trading environment are influenced by these two departments.

At the same time, there has been a turnover in the SEC's enforcement division, a key "power center." The long-time crypto-hardline former head of the enforcement division, Gurbir Grewal, stepped down in October 2024, having overseen multiple high-profile crypto litigations, including those involving Ripple and Coinbase, during his tenure. According to Cornerstone Research data, in 2024, the SEC initiated a total of 33 enforcement actions related to crypto, involving 90 defendants or respondents.

Following Grewal's departure, Sanjay Wadhwa took over as Acting Director, and the enforcement efforts noticeably slowed down. Between February and March this year, the SEC dropped lawsuits against several well-known crypto companies, including Coinbase, Consensys, Robinhood, Gemini, Uniswap, and Kraken.

Furthermore, the SEC introduced an employee "buyout plan" at the end of February, offering $50,000 in compensation to voluntary resigning employees. Ultimately, over 500 people chose early retirement or resignation, accounting for approximately 10% of the agency's total workforce. This wave of "internal streamlining" has 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 actively engaging through a series of meetings and policy statements. In the first half of this year, the SEC has hosted 6 roundtable discussions on cryptocurrency, covering core topics such as regulatory frameworks, custody mechanisms, asset tokenization, and DeFi. On the regulatory front, it is also making progress. On May 30, the SEC issued a policy statement regarding PoS network staking activities, clearly stating for the first time that three types of staking do not constitute securities issuance: including self-staking by users, non-custodial third-party staking, and compliant custodial staking. This provides a clearer compliance path for current crypto staking services.

Simultaneously, ETF approvals are picking up pace. On June 11, the SEC notified several institutions planning to issue a Solana spot ETF to resubmit revised S-1 filings within 7 days and committed to completing the review feedback within 30 days of submission.

Personnel changes, relaxed rules, softened attitudes. The institution that once made countless crypto projects "walk on thin ice" is now engaging with the industry anew. Regulation will not disappear, but perhaps the future of regulation will no longer be a high-pressure network but rather a bridge to co-creation.

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