Trump appoints Mark Uyeda as acting chairman of the SEC

Key Takeaways

Mark Uyeda was appointed acting chairman of the SEC by President Donald Trump.
Uyeda and Peirce plan to change crypto policies, which may face challenges due to the current SEC structure.

President Donald Trump appointed Mark Uyeda, a Republican SEC commissioner, as acting chairman of the SEC, replacing Gary Gensler who led the agency during the Biden administration.

Trump plans to nominate former SEC Commissioner Paul Atkins as permanent chairman.

Atkins previously collaborated with Uyeda and Commissioner Hester Peirce, who has advocated for clearer crypto regulations.

“The agency has an opportunity to reset its regulatory agenda,” Uyeda said in an interview in November, emphasizing capital formation and innovation while maintaining investor protections. .

He has criticized Gensler's aggressive approach, particularly in digital assets.

Uyeda and Peirce plan to begin crypto policy review this week, Reuters reported.

The initiative may include a review of controversial policies such as the crypto accounting directive that drew criticism from Congress last year.

There could be obstacles in major reforms because the SEC currently works with three commissioners – Uyeda, Peirce, and Democrat Caroline Crenshaw.

Under SEC quorum rules, rulemaking requires unanimous approval, giving Crenshaw effective veto power over new proposals.