Donald Trump, recently sworn in as the 47th US President, has appointed Mark Uyeda as the acting Chairman of the Securities and Exchange Commission (SEC) until the US Senate approves Paul Atkins for the top regulatory role.
Republican Chair Takes Over
Uyeda is the current Republican member of the US SEC Commissioners. He and another sitting SEC Commissioner, Hester Peirce, previously worked at the agency under Atkins when he served as SEC Commissioner during the George W. Bush administration.
Uyeda assumed his regulatory role on 30 June 2022, when he was sworn in as an SEC Commissioner. He was sworn in for a second term in late 2023 after the US Senate confirmed his five-year term.
As a Republican member of the regulator, Uyeda has been critical of the policies and rule-making of the now-ousted Gary Gensler as Chair. He even voted against approving the regulator’s enforcement actions and publicly expressed his dissent.
“The pending administration change will give the SEC a chance to reset its regulatory agenda to focus on capital formation and innovation while protecting investors, like seniors, from scam artists defrauding them,” Uyeda told Reuters earlier.
However, his appointment is only temporary, as Atkins is likely to receive Senate approval soon.
Before joining the SEC, Uyeda served as an advisor to former US Senator Pat Toomey on the Senate Banking Committee. He was also previously appointed by former California Governor Arnold Schwarzenegger as a senior advisor to the state’s securities regulator.
Policy Shift Is Expected
Gensler was known for implementing strict regulations for the financial services industry. He also had a strong anti-crypto stance and pursued multiple crypto firms in high-profile lawsuits.
The crypto industry has welcomed Atkins’s nomination as SEC Chair, as he is expected to reverse some of Gensler’s policies with his initial orders.
Meanwhile, the newly sworn-in Trump administration also appointed Caroline Pham as the acting Chair of the Commodity Futures Trading Commission. She steps in following the departure of Democrat Chair Rostin Behnam.
This article was written by Arnab Shome at www.financemagnates.com.
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