The Securities and Exchange Commission (SEC) has a new acting chair, Mark Uyeda, who is expected to bring a more crypto-friendly approach to regulation. With his appointment, the SEC’s stance on digital assets may undergo significant changes.
Gary Gensler Out at the SEC: Crypto-Friendly Mark Uyeda Takes Over
The U.S. Securities and Exchange Commission (SEC) has a new acting chair, with Commissioner Mark Uyeda taking over from Gary Gensler. This change comes as President Donald Trump nominated Paul Atkins to lead the agency permanently.
Who is Mark Uyeda?
Commissioner Mark Uyeda will be running the SEC until Senate confirmation of President Trump’s pick for the permanent role, Paul Atkins. Uyeda has been a strong supporter of relaxing the regulator’s pursuit of the crypto industry, and he has previously worked alongside fellow Republican Commissioner Hester Peirce to achieve this goal.
Uyeda’s Stance on Crypto Regulation
Uyeda has expressed his opposition to certain regulatory measures that have made it difficult for banks to maintain digital assets clients. He is in favor of getting rid of the so-called Staff Accounting Bulletin 121 (SAB 121), which he believes is an unnecessary burden on the crypto industry.
Gensler’s Departure and Legacy
Gary Gensler, who had been the chief government antagonist for the crypto industry in recent years, has officially left his position as SEC chair. He was a strong advocate for strict regulation of digital assets and had pursued several enforcement cases against companies in the space.
The Impact of Uyeda’s Leadership
With virtually all senior legal officials from Gensler’s era gone, including those in the enforcement division and general counsel’s office, Uyeda has the full authority to make decisions. However, it remains to be seen how he will approach his new role and whether he will defer to the incoming chair or take bold action.
A Shift in Power at the SEC
The change of chairs comes as the Commodity Futures Trading Commission (CFTC) also sees a shift in power, with Republican Commissioner Caroline Pham taking over as acting chair. Unlike the CFTC, which has a 2-2 split between parties, the SEC’s Republicans outnumber the lone Democrat 2-1.
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