Gary Gensler is officially out as the chairman of the U.S. Securities and Exchange Commission (SEC), and crypto-friendly Republican Commissioner Mark Uyeda is stepping in as acting chair. President Donald Trump has appointed Uyeda, a current SEC commissioner and Bitcoin supporter, as the acting chairman of the Securities and Exchange Commission (SEC) just hours after his inauguration. This appointment will last until Paul Atkins, Trump’s nominee for permanent SEC chairman, is confirmed by the Senate.
Mark Uyeda has been a strong advocate for relaxing regulatory measures on the crypto industry. Alongside fellow commissioner Hester Pierce, he has criticized the SEC’s aggressive stance on crypto, including its controversial accounting rules. Uyeda’s appointment signals a potential shift in the SEC’s approach to digital assets.
In addition, Trump has appointed Caroline Pham as the acting chair of the Commodity Futures Trading Commission (CFTC), replacing outgoing chair Rostin Behnam. While the SEC now has a Republican majority, the CFTC still has a split leadership between the two parties.
This shake-up comes after the resignation of Gary Gensler, who stepped down from his position as SEC chairman on January 20th. Gensler had been a key figure in the crypto industry’s regulatory battles, facing criticism for his tough stance on digital assets.
He had also been involved in blocking the establishment of spot crypto exchange-traded funds (ETFs), although recent court rulings pushed the SEC to allow them. His departure opens the door for a new direction at the SEC, particularly in relation to the growing crypto market. Uyeda is expected to lead changes in cryptocurrency policy and reverse some of Gensler’s decisions. This marks a big shift in regulatory focus for both traditional finance and the crypto industry.
Credit: Source link
