The U.S. Securities and Exchange Commission (SEC) is in a holding pattern when it comes to cryptocurrency regulation, as the agency waits for a Senate-confirmed chair to set its agenda. Hester Peirce, head of the SEC’s Crypto Task Force, stated that the commission is unlikely to establish new regulatory guidelines until a permanent leader is in place.

Speaking at a Federalist Society panel on Feb. 11, Peirce emphasized that while the SEC continues its work under acting Chair Mark Uyeda, it is “premature” to move forward with major crypto regulations before a chair is confirmed by the Senate. President Donald Trump has nominated former SEC Commissioner Paul Atkins for the position, but his confirmation is still pending.

Peirce highlighted the SEC’s ongoing efforts to address crypto-related issues, referencing a recent appellate court ruling that criticized the agency’s handling of digital asset regulations. The court acknowledged Coinbase’s argument that the SEC’s refusal to create clear guidelines was “arbitrary and capricious.” However, it did not mandate the agency to develop a formal framework.

Meanwhile, the SEC’s enforcement actions against crypto firms appear to be slowing. The agency recently requested delays in multiple cases, including one against Cumberland DRW, where an Illinois judge granted a 30-day extension. A similar request in the Binance case remains unresolved.

With the SEC currently composed of three commissioners—Peirce, Uyeda, and Democrat Caroline Crenshaw—it remains uncertain if Trump will appoint a fifth member should Atkins secure the role. Until then, the future of U.S. crypto regulations hangs in the balance, leaving investors and companies in legal limbo.