Trump appoints Mark Uyeda as interim SEC chairman

The White House disclosed that Mark Uyeda, a Republican member of the Securities and Exchange Commission, has been appointed by President Donald Trump as the new acting chair of the agency, replacing Gary Gensler, who served as the SEC chair during President Joe Biden’s term.

Uyeda, in his new role, is expected to pursue a different regulatory path than Gensler, focusing on capital formation, innovation, and investor protection. The change in leadership has sparked anticipation of a shifting approach towards regulating the capital markets after Gensler’s tenure, marked by increased transparency, risk reduction, and the crackdown on Wall Street conflicts of interest, as well as lawsuits against crypto firms for violating SEC regulations.

Paul Atkins, a former SEC Commissioner targeted to lead the agency permanently, is anticipated to steer the SEC in a direction distinct from the policies of the Biden administration concerning capital markets. Uyeda, along with Hester Peirce, current SEC Commissioner, both ex-colleagues at the SEC with Atkins, is expected to initiate reforms in cryptocurrency policies soon.

Despite taking a Republican stance on SEC rulemaking and enforcement, Uyeda has expressed a desire to recalibrate the regulatory priorities to prioritize capital formation, innovation, and safeguarding investors from fraudulent activities, especially aimed at seniors. His criticisms of the SEC’s handling of crypto companies highlight his belief that transparent guidelines are crucial for their registration, contrasting with what he views as a detrimental approach taken by the agency.

Since joining the SEC in 2022, Uyeda has campaigned for lessening regulatory impediments to public listings and promoting clarity on digital asset regulations. He has consistently opposed certain SEC enforcement actions, including a settlement related to the blank-check firm involved with Trump’s media company’s public listing process.

Before his SEC tenure, Uyeda gained experience working under former U.S. Senator Pat Toomey and advised California’s securities regulator under Governor Arnold Schwarzenegger. His educational background extends to Georgetown University and Duke University’s law school, solidifying his legal expertise in financial and regulatory matters.