Mark Uyeda Takes Interim Leadership Of SEC Amid Crypto Industry Focus

According to CoinDesk, Commissioner Mark Uyeda has assumed the role of acting chair of the U.S. Securities and Exchange Commission (SEC) as the agency awaits Senate confirmation of President Donald Trump's nominee, Paul Atkins, for the permanent position. Uyeda, known for his supportive stance towards the crypto industry, previously served as counsel to Atkins, who was nominated shortly after Trump's inauguration. Atkins, a former commissioner, has established connections with the crypto sector through his consulting work in Washington. Uyeda has been vocal about the SEC's approach to digital assets, often criticizing the commission's majority for their restrictive measures on the crypto industry. He has opposed initiatives like the Staff Accounting Bulletin 121 (SAB 121), which complicates banks' ability to manage digital asset clients, advocating for its removal—a decision now within his purview. Although the leadership change has not been formally announced, remaining commissioners, including Hester Peirce and Caroline Crenshaw, issued a joint statement acknowledging former Chair Gary Gensler's departure. They emphasized the importance of bipartisan engagement and respectful discourse during Gensler's tenure. Gensler, who announced his resignation effective January 20, had been a prominent figure in the government's regulatory actions against the crypto industry. His tenure was marked by enforcement actions, controversial accounting policies, and stringent rule proposals that challenged the industry's business model. He also initially blocked the establishment of spot crypto exchange-traded funds (ETFs) until a court ruling compelled him to align with the commission's Republicans to approve them. The SEC under Gensler argued that existing laws were adequate for regulating crypto assets, a position that has seen mixed responses from federal judges and remains under judicial review. During Uyeda's interim leadership, the SEC lacks many senior legal officials from Gensler's administration, including those in the enforcement division and general counsel's office. While Uyeda holds full authority, acting chairs often defer significant decisions to their successors. Meanwhile, at the Commodity Futures Trading Commission (CFTC), Republican Commissioner Caroline Pham has been appointed acting chair, as Trump has yet to nominate a permanent replacement for outgoing Democrat chair Rostin Behnam. Unlike the CFTC, which is evenly split between parties, the SEC currently has a Republican majority with a 2-1 ratio over the lone Democrat.