Key Points:
- President Trump appointed Mark Uyeda, a pro-crypto Republican, as the acting SEC Chair, replacing Gary Gensler.
- Uyeda, a critic of Gensler’s hardline approach, is expected to advocate for a more relaxed stance on regulating digital assets.
The White House stated on Monday that President Donald Trump has appointed Securities and Exchange Commission Commissioner Mark Uyeda as the acting SEC chair to replace Gary Gensler.
Read more: SEC Chair Gary Gensler Now Officially Resigns From His Position
Trump Appoints Mark Uyeda as Acting SEC Chair
Uyeda is a pro-crypto Republican who joined the SEC in 2022 and has been very vocal about his criticism of the commission’s approach to regulating the crypto industry under Gensler’s leadership.
Gensler, who resigned on Monday, had led an aggressive regulatory agenda, taking him into frequent battles with Wall Street and the crypto industry. During his term, a flurry of enforcement actions was taken against crypto firms like Ripple Labs, Coinbase, and Binance.
Under Gensler, the SEC pushed for increased transparency and stricter regulations, but his efforts sparked significant debate over the regulation of digital assets, with differing opinions among federal judges still shaping the future of crypto regulation.
SEC Faces Continued Debate Over Digital Asset Oversight
The acting SEC chair was previously considered a friendlier approach to digital assets, and now he is in a position to shape the direction of the Commission.
Uyeda recently publicly criticized the commission’s policy, particularly SAB 121, that had made it difficult for banks to handle clients who deal with digital assets. In other words, he would welcome the erasing of such regulations to let the crypto industry grow.
The appointment was seen as a step toward a more crypto-friendly SEC, in the mould of fellow Commissioner Hester Peirce, another Republican considered a friend of the loosening of crypto regulations. Uyeda had previously worked as a counsel for the SEC under former Commissioner Paul Atkins, who has crypto ties of his own via his Washington consulting business.
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