Mark Uyeda Takes Over as Acting Chair of the SEC, Replacing Gary Gensler

Mark Uyeda has been appointed as the Acting Chair of the U.S. Securities and Exchange Commission (SEC), with the agency awaiting Senate confirmation for President Donald Trump’s pick, Paul Atkins, as the permanent chair. Uyeda, a supporter of easing the SEC’s stance on cryptocurrency regulation, will lead the agency alongside Commissioner Hester Peirce, another Republican who advocates for a more lenient approach to the crypto sector. Uyeda previously worked as counsel to Atkins at the SEC. Atkins, a former commissioner with ties to the crypto industry through his Washington consulting business, was nominated hours after Trump’s inauguration.

Uyeda has been vocal about the SEC’s role in regulating digital assets, frequently criticizing the commission’s majority for its approach to crypto, including the controversial Staff Accounting Bulletin 121 (SAB 121), which made it challenging for banks to work with digital asset clients. Uyeda has expressed his intention to eliminate this rule, a move now within his authority.

President Donald Trump tapped Commissioner Mark Uyeda to be acting chair of the Securities and Exchange Commission. Source: CoinDesk

While the SEC has not officially announced the change of leadership, a joint statement from the other commissioners, including Peirce and Caroline Crenshaw, acknowledged Gary Gensler’s departure, praising his commitment to bipartisan engagement and respectful discussions despite differing perspectives on policy.

Gensler, who had been a significant figure opposing the crypto industry, officially resigned on January 20, the same day as Trump’s swearing-in. During his tenure, Gensler led efforts to enforce stricter regulations on crypto, including controversial policies on crypto accounting and blocking spot crypto ETFs—until a court ruling compelled the agency to approve them.

The SEC, under Uyeda’s leadership, currently lacks senior legal officials from Gensler’s administration, especially in the enforcement and general counsel divisions. Although Uyeda holds full authority as acting chair, it’s common for individuals in this role to defer major decisions until a permanent chair is confirmed.

Meanwhile, the Commodity Futures Trading Commission (CFTC) has appointed Republican Commissioner Caroline Pham as acting chair, though the permanent chair for the CFTC has yet to be named. Unlike the CFTC, the SEC’s Republicans hold a majority, with two Republican commissioners and one Democrat.