President Donald Trump has appointed Securities and Exchange Commissioner Mark Uyeda as the new acting chairman of the agency, following the departure of Chair Gary Gensler. This move comes at a time when the SEC is experiencing an exodus of top leadership, with several key officials leaving their roles in the early days of Trump’s second term.
Uyeda, a 15-year veteran of the SEC, will likely serve as acting chair until Trump’s nominee for Gensler’s successor completes his Senate confirmation process. The appointment signals a potential shift in strategy and enforcement at the SEC, particularly in highly politicized areas such as cybersecurity, climate change, and cryptocurrency.
Uyeda has been a dissenting voice on key decisions surrounding cryptocurrency under Gensler’s tenure, and his appointment follows Trump’s campaign promise to have a softer hand regarding crypto. The new acting chair has already taken steps to reverse the SEC’s stance on crypto, announcing the formation of a “crypto task force” aimed at developing a comprehensive regulatory framework.
The move is seen as significant, given Trump’s previous support from cryptocurrency businesses and advocates during his election campaign. However, some experts are questioning whether this support will translate into policy changes after an anticipated flurry of executive orders targeting the crypto space failed to materialize during Trump’s first day in office.
Source: https://www.cfodive.com/news/trump-taps-crypto-friendly-markuyeda-acting-sec-chair/737878