A review of the SEC’s cryptocurrency policy is expected to begin this week.
Uyeda, SEC commissioner since June 2022, has criticized Gensler’s aggressive approach.
Newly sworn-in President Donald Trump named Commissioner Mark Uyeda, a Republican member of the U.S. Securities and Exchange Commission (SEC), as the agency’s acting chairman.
According to information from the White House, published by the Reuters agency, the representative of the Republican party will replace Gary Gensler while the nomination of Paul Atkins, Trump’s chosen figure, is finalized to take charge of the agency.
Uyeda’s temporary appointment seeks to fill the vacancy immediately, in an attempt to advance the cryptocurrency policies that are pending in the organization. It is expected that in a few days a review of the actions undertaken during Gensler’s administration will begin, which this January 20 made his departure effective of the SEC.
The official, who has been commissioner since 2022, is known for question the aggressive attitude from the former president of the agency against the cryptocurrency sector.
Uyeda has pushed to open private markets to more investors and has opposed Democratic efforts to restrict cryptocurrency markets. Now, will have the power to undo those policies while the permanent president arrives.
As reported by CriptoNoticias, Trump has nominated former SEC Commissioner Paul Atkins for the position, a well-known bitcoin advocate who is expected to take a radical turn to the guidelines drawn up by Gensler under Joe Biden’s administration.
Gensler, who resigned this Monday as part of Trump’s inauguration, signed dozens of regulations that – in his own opinion – are intended to “increase transparency, reduce risks and end conflicts of interest on Wall Street.”
As part of this, he sued several cryptocurrency companies that, according to him, were breaking stock market rules. These include large companies like Ripple and exchanges like Coinbase, Binance and Kraken.
His measures were considered extreme and believed to be part of a regulatory onslaught (known as Operation Chokepoint 2.0) undertaken by the Biden administration. It is a framework against the ecosystem that the Republican congressmen, who are the majority in the incoming Congress, are willing to investigate.