As of January 20, Mark Uyeda, a Republican member of the U.S. Securities and Exchange Commission (SEC), has assumed the role of acting chair of the agency. This is a big move by President Trump. Uyeda takes over for Gary Gensler, who was head of the SEC under President Biden and was known for being tough on regulations. The change occurred following Trump’s inauguration as president. It shows that the SEC might change how it deals with financial markets and digital assets in the future.
Since 2022, Uyeda has been on the SEC. He will temporarily lead the agency while Trump’s choice for permanent chair, Paul Atkins, waits for Senate approval. Atkins, who used to be a commissioner on the SEC, is expected to give the agency a new focus on freedom and encouraging new ideas in the financial markets.
One of the most anticipated changes under Uyeda’s direction is that the SEC may change how it regulates cryptocurrencies. Uyeda has been vocal about his disapproval of Gensler’s policies during his tenure at the SEC. Particularly, the “regulation by enforcement” approach targeted numerous cryptocurrency companies like Ripple Labs and Coinbase. Uyeda has said that the commission’s handling of crypto regulation was a “disaster,” saying that it slowed down innovation and didn’t give digital asset companies clear instructions.
In addition to talking about his thoughts on crypto, Uyeda has also said that he wants to make it easier for businesses to deal with regulations by pushing for simpler rules and procedures. This means backing openness and investor protections and making sure the U.S. market stays a favorable place for growth and new ideas.
There are signs that the SEC may change its focus, but it’s still not clear how Uyeda will handle the ongoing cases against crypto firms. Reports say that the new administration might stop enforcement actions that aren’t clearly about fraud or hurting investors. This could mean that the SEC changes how it deals with the digital asset business.
