Trump is tapping Republican Uyeda to act as acting chairman of the SEC, the White House said via Reuters
(Reuters) – President-elect Donald Trump has appointed Mark Uyeda, a Republican member of the US Securities and Exchange Commission, to be acting chairman of the agency, the White House said on Monday.
Uyeda takes over from Gary Gensler, former President Joe Biden’s SEC chairman whose ambitious agenda led him to clash with Wall Street and the crypto industry.
Trump said he would nominate former SEC Commissioner Paul Atkins to run the SEC permanently. Atkins, both Uyeda and current SEC member Hester Peirce both formerly worked at the agency, are expected to reverse the way the Biden administration oversees capital markets.
Gensler, who stepped down on Monday, introduced a series of rules aimed at improving transparency, reducing risk, and eliminating conflicts of interest on Wall Street. He also sued several crypto firms that he said were violating SEC rules.
Sources said this month that Peirce and Uyeda are expected to resume cryptocurrency policy early this week, Reuters reported.
Uyeda could not be reached for comment.
A Republican SEC commissioner since June 2022, Uyeda criticized Gensler’s aggressive approach to rulemaking and enforcement.
“The pending administration change will give the SEC an opportunity to reset its regulatory framework to focus on capital formation and innovation, while protecting investors, such as seniors, from scam artists,” Uyeda told Reuters in an interview in November.
