Donald Trump selects pro-crypto Mark Uyeda as acting SEC Chair

President Donald Trump tapped Mark Uyeda as the acting SEC chairman.
Uyeda takes over from Gary Gensler, who resigned from the agency on Monday.
President Trump also appointed Commissioner Caroline Pham as the acting Chairman of the CFTC.

Michael Ebiekutan FXStreet

A notice from the White House on Monday revealed that President Donald Trump selected Securities & Exchange Commission (SEC) Commissioner Mark Uyeda to replace Gary Gensler as the agency's acting Chairman.

Mark Uyeda becomes acting Chairman of SEC following Trump's pick

Pro-crypto Republican Commissioner Mark Uyeda has been appointed the acting Chairman of the SEC following Donald Trump's inauguration.

In a notice on Monday, the White House listed the individuals assigned by President Donald Trump to lead in various capacities of the new government. The list included Uyeda, who became an SEC Commissioner in 2022.

Uyeda replaces former Chair Gary Gensler, who left the agency on Monday.

Under Gensler's administration, the SEC employed a "regulation by enforcement" approach, suing top crypto companies including Coinbase, Binance, Ripple and Kraken. Gensler reportedly slapped over 100 enforcement actions against top crypto companies and individuals in his tenure.

According to Fox Business, Mark Uyeda aims to reverse policies set by Gensler's leadership, which he claims have been a real disaster for the industry. He also stated that he would help the Trump government provide clear regulations to end the "war on crypto" incurred by former president Joe Biden.

Likewise, Uyeda could end some regulatory battles that lingered under the previous administration, such as the Ripple case over its XRP token. This could accelerate the approval of crypto exchange-traded funds (ETFs), which have been monumental in the adoption of digital assets.

Donald Trump first tapped Republican Paul Atkins to lead the SEC after winning the election. Atkins remains the top candidate for the permanent position of Chairman but awaits approval from the Senate.

In other news, President Trump also appointed Republican Commissioner Caroline Pham as the acting head of the SEC.

"I'm humbled to lead the CFTC as Acting Chairman. It is an honor to be entrusted to serve the American people during this pivotal time. I want to thank President Trump for his confidence in me," Pham said.

The members of the CFTC confirmed Pham to be the new acting Chair in a vote held on Monday.

Author

Michael Ebiekutan

FXStreet

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.