On January 20th, President Biden appointed Mark Uyeda, a Republican member of the U.S. Securities and Exchange Commission, as the acting chair of the agency, as reported by Reuters.
Uyeda replaces Gary Gensler, the former SEC chair known for his assertive regulatory approach that led to conflicts with Wall Street and the crypto industry.
President Trump intends to nominate former SEC Commissioner Paul Atkins to permanently lead the agency. Atkins, whom both Uyeda and current SEC Commissioner Hester Peirce have previously worked with, is expected to evaluate how the Biden administration oversees capital markets.
Gensler, who resigned on Monday, implemented numerous regulations aimed at enhancing transparency, mitigating risks, and eliminating conflicts of interest on Wall Street. He also initiated legal actions against multiple crypto firms accused of violating SEC regulations.
It is reported by Reuters that Peirce and Uyeda are anticipated to initiate a comprehensive overhaul of cryptocurrency policies starting this week.
Uyeda's office has not yet responded to requests for comment. As a Republican SEC commissioner since June 2022, Uyeda has voiced disapproval of Gensler's regulatory and enforcement strategies.
In a statement to Reuters in November, Uyeda emphasized that the incoming administration shift offers an opportunity for the SEC to refocus its regulatory priorities on capital formation and innovation while safeguarding investors from fraudulent activities, especially targeting seniors.
Uyeda's appointment is likely to be welcomed by crypto companies as he has criticized the SEC for lacking clear guidance on how such companies can register with the agency, calling the current approach a "disaster for the entire industry" in an October interview with Fox Business.
During his tenure at the SEC, Uyeda has advocated for reducing regulatory barriers hindering companies from going public and has supported establishing unambiguous regulations on digital assets. He has consistently opposed certain SEC enforcement actions and, on occasions, publicly dissented, including in a case involving the blank-check company instrumental in Trump's media company going public.
Prior to joining the SEC, Uyeda served as a staffer for former U.S. Senator Pat Toomey on the Senate Banking Committee, and was appointed as a top advisor to California's securities regulator by former Governor Arnold Schwarzenegger. Uyeda is an alumnus of Georgetown University and Duke University School of Law.