NEWS

Trump sets crypto-friendlier appointments in motion at SEC on his first day

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.