US Securities and Exchange Commission (SEC) Commissioner Mark Uyeda was appointed acting chairman of the regulator by President Donald Trump action published on January 20.
Meanwhile, the SEC has one statement announcing the official resignation of chairman Gary Gensler.
Uyeda will lead the regulator until June 5, 2026 – the date when Gensler officially leaves the position and Paul Atkins, the nominated permanent head, takes office.
Additionally, Trump appointed Atkins to the SEC in another case action until he can take on the permanent chairman role next year.
Uyeda has a long history as an advocate for digital assets. He has called on the regulator several times over the years to take a more proactive approach to the sector.
Last October, during a performance on the Fox Business show Mornings with Maria, he said the SEC had created significant uncertainty, forced courts to intervene and issued inconsistent rulings.
Uyeda added at the time:
“There is growing frustration with the lack of guidance on what is allowed and how to comply with securities regulations.”
Furthermore, at one statement published on September 16, 2024, Uyeda and SEC Commissioner Hester Peirce criticized the SEC’s approach to non-fungible tokens (NFT), using an enforcement action against the Flyfish Club collection as an example.
Flyfish Club is an eatery that sold NFT tickets for exclusive access to an up-and-coming bar and restaurant. The effort resulted in $17.5 million in revenue through primary sales and royalties.
In the statement, the commissioners argued that these NFTs should be classified as utility tokens and not securities.
Gensler officially leaves the office
Uyeda and SEC commissioners Peirce and Caroline Crenshaw also wrote a joint statement on Gensler’s resignation.
The commissioners commended Gensler for his dedication and collaborative approach, highlighting the dignity with which policy differences were navigated, particularly regarding the crypto industry. They noted:
“Chairman Gensler has committed to bipartisanship and a respectful exchange of ideas, which has helped facilitate our service to the American public.”
Gensler announced his departure on November 21, 2024, less than two weeks after the US elections. Particularly Trump promised to fire the former SEC chairman on his first day on the job.
