By Muskan Arora
For the second-time, president Donald Trump has
appointed Mark Uyeda, a Republican member of the U.S Securities and Exchange Commission,
as the acting chair of the agency, as announced by the White House on Monday.
Uyeda takes over from Gary Gensler, former
president Joe Biden’s chosen chair whose ambitious agenda led to a clash with
the Wall Street and crypto industry, who stepped down on Monday.
The newly sworn president stated that he would nominate Paul Atkins, former SEC commissioner to run the agency on a permanent basis.
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Atkins who has previously worked with Uyeda
and current SEC commissioner Hester Peirce is expected to move away from how
the Biden administration oversaw capital markets.
During Gensler’s tenure, he implemented
rules focused on boosting transparency, reducing risks and stamping out conflicts
of interest on Wall Street. Further, he had sued multiple crypto firms who were
scoffing off SEC rules.
As per sources, both Pierce and Uyeda will
ignite a crypto currency policy overhaul this month.
A republican SEC commissioner since June
2022, Uyeda has been critical of Gensler’s rules and enforcement.
This appointment is likely to cause havoc
for multiple crypto companies.
During Uyeda’s time at the SEC, he called
for the agency to ease regulatory burdens that acted as a hurdle for companies going
public and vouched for clear digital asset rules.
Before joining the SEC, Uyeda served the
former U.S. Senator Pat Toomey on the Senate Banking Committee and prior to
that worked for the former California Governor Arnold Schwarzenegger as a top
advisor to the state's securities regulator.