SEC to Reevaluate Previous Cryptocurrency Statements

Acting Chairman of the U.S. Securities and Exchange Commission (SEC), Mark Uyeda, has instructed agency staff to review several statements regarding cryptocurrencies.

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“The purpose of this review is to identify staff statements that should be modified or rescinded in line with the agency’s current priorities,” Uyeda stated.

The chairman’s request aligns with Presidential Executive Order 14192 — “Unleashing Prosperity Through Deregulation” — and follows recommendations from the Department of Government Efficiency (DOGE).

According to the SEC’s announcement, the review will include:

• The guidance issued in 2019 on applying the Howey Test to digital assets;
• The staff’s response to Wyoming authorities’ 2020 decision allowing local trust companies to custody digital assets;
• A notice from February 2021 about the “unique risks” digital assets pose to traders;
• A warning from 2021 regarding issues with investing in mutual funds involved in the bitcoin futures market;
• A statement from 2022 urging companies to transparently disclose cryptocurrency-related risks.

Chairman Uyeda also drew colleagues’ attention to the agency’s communications about COVID-19 and the pandemic’s effects on markets.

Previously, the SEC’s Division of Corporation Finance outlined characteristics of stablecoins that are not considered securities.