President Donald Trump has appointed Republican Commissioner Mark Uyeda as the acting chair of the U.S. Securities and Exchange Commission (SEC), following the departure of Gary Gensler. This transition has been welcomed by the crypto community, who have viewed Gensler’s tenure as increasingly adversarial towards the industry.
Mark Uyeda will lead the SEC until Trump’s nominee for the permanent position, Paul Atkins, acquires Senate confirmation. Uyeda has been an advocate for loosening regulatory restrictions on the crypto sector and previously served as a legal advisor to Atkins when he was a commissioner at the SEC. Trump’s nomination of Atkins was made shortly after his inauguration.
Uyeda has often criticized the SEC’s past approach, particularly regarding measures like Staff Accounting Bulletin 121 (SAB 121), which complicated banking relationships with digital assets. He has indicated support for repealing such regulations, an authority now within his reach as acting chair.
While the official announcement of Gensler’s exit is still pending, other SEC commissioners expressed their respect for his commitment to respectful discourse during his leadership, despite differing opinions on policy matters. Gensler’s exit was timed with Trump’s inauguration.
During his time as chair, Gensler pursued aggressive enforcement actions against the crypto industry and established complex guidelines that limited the growth of digital assets, such as the blockage of spot crypto exchange-traded funds (ETFs). Following a legal setback, he ultimately voted in favor of allowing ETFs to proceed.
With Uyeda in charge, the SEC will undergo a significant shift, as most senior legal staff who worked under Gensler are no longer present. Although he has the authority to make major decisions, it remains uncertain whether Uyeda will implement significant changes before a permanent chair is confirmed.
Simultaneously, the Commodity Futures Trading Commission (CFTC) appointed Caroline Pham as acting chair, but no permanent leader has been announced to replace outgoing chair Rostin Behnam. Currently, the SEC is predominantly led by Republican commissioners, creating a potential shift in regulatory focus compared to previous years.
For further details, visit the SEC’s official website.
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