Shortly after his inauguration, President Donald Trump quickly restructured the leadership of key U.S. financial agencies. Mark Uyeda was appointed as Acting Chairman of the U.S. Securities and Exchange Commission (SEC) on January 21, replacing Gary Gensler, who resigned.
Mark Uyeda, appointed as an SEC Commissioner in 2022 under President Biden, is well-known for his strong support of the cryptocurrency industry. He has frequently expressed disagreement with the strict policies implemented under Gary Gensler’s leadership, calling them “ill-considered and inappropriate.”
Related: Gary Gensler Announces Resignation Date as SEC Chairman
Along with fellow Republican Hester Peirce, Uyeda has repeatedly called for greater transparency in SEC regulations regarding digital assets. In a March 2024 statement, both bluntly criticized:
The SEC’s approach to the digital asset market, particularly in regulating trading activities, is overly rigid and ineffective.
Uyeda’s views on cryptocurrency regulation became even clearer when he referred to the SEC’s recent measures as a “disaster” for the crypto industry during an October 2024 interview. He argued that the lack of clear guidance and excessive enforcement actions have created unnecessary barriers.
Experts predict three major changes under Uyeda’s tenure:
- First, increased transparency in regulations, clarifying rules for secondary trading and new financial products.
- Second, reevaluation of lawsuits related to cryptocurrencies, potentially pausing cases unrelated to fraud allegations.
- Third, fostering a more supportive regulatory environment for the development of the digital asset sector.
The market is watching closely for the first moves of the new Acting SEC Chairman as he begins to reshape the regulatory framework for the cryptocurrency industry in the U.S.
