Gary Gensler Resigns, Crypto-Friendly Mark Uyeda Becomes Acting SEC Chair

Last Updated on January 21, 2025

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The logo of the U.S. SEC seen at its headquarters in Washington, DC. Source: Tada Images - stock.adobe.com

Key Takeaways:

  • Leadership Transition: SEC Chair Gary Gensler steps down, with crypto-friendly Commissioner Mark Uyeda named acting chair.
  • Policy Implications: Uyeda’s tenure could signal a shift toward more accommodating crypto regulations, challenging prior approaches like SAB 121.
  • Future Outlook: Paul Atkins, Trump’s nominee for permanent SEC chair, has ties to the crypto sector, hinting at potential regulatory realignment.

President Donald Trump has appointed Mark Uyeda as Acting Chair of the U.S. Securities and Exchange Commission (SEC) following Gary Gensler’s resignation.

Uyeda, a longtime SEC insider and advocate for crypto-friendly policies, steps into the role as the agency awaits Senate confirmation of Trump’s nominee for permanent chair, Paul Atkins.

Uyeda’s leadership is expected to bring a shift in the SEC’s approach to digital assets, as he has been critical of prior regulations, such as Staff Accounting Bulletin 121, which he argued restricted banks serving crypto clients.

Uyeda previously served as counsel to Atkins, who has ties to the crypto industry through his consulting work.

While the SEC has not formally announced the leadership change, commissioners Hester Peirce and Caroline Crenshaw acknowledged Gensler’s exit, highlighting his commitment to bipartisan dialogue.

Gensler’s tenure was marked by rigorous regulation of the crypto industry, including enforcement actions and resistance to approving spot crypto ETFs, until a court ruling compelled the SEC to approve them.

With several senior officials departing alongside Gensler, Uyeda now oversees an SEC in transition.

Concurrently, at the Commodity Futures Trading Commission (CFTC), Caroline Pham has been named acting chair, signaling broader shifts in U.S. financial regulatory leadership.

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