Trump appoints SEC acting chairman, what changes will happen to the Crypto industry next?

Source: Blockchain Knights

Mark Uyeda, a commissioner of the U.S. Securities and Exchange Commission (SEC), was appointed as the acting chairman of the regulatory agency by U.S. President Trump on January 20.

At the same time, the SEC issued a statement announcing that Chairman Gary Gensler had officially resigned.

Uyeda will lead the regulatory agency until June 5, 2026, the day Gensler officially steps down and the nominated permanent head Paul Atkins takes office.

In addition, Trump also appointed Atkins as a member of the SEC until he takes office as permanent chairman next year.

Uyeda has long been an active advocate of digital assets. Over the years, he has repeatedly called on regulators to take a more proactive approach to the industry.

Last October, Uyeda said during an appearance on the Fox Business show Mornings with Maria that the SEC created huge uncertainty, forced the courts to intervene, and made inconsistent rulings.

Uyeda added at the time: “There is growing frustration with the lack of guidance on what is permissible and how to comply with securities regulations.” 

In addition, in a statement issued on September 16, 2024, Uyeda and SEC Commissioner Hester Peirce criticized the SEC’s approach to NFTs, citing the enforcement actions against the FlyfishClub series as an example.

Flyfish Club is a dining institution that sold NFT tickets for exclusive use of its upcoming bar and restaurant. The action raised $17.5 million through primary sales and royalties.

In the statement, the commissioners believed that these NFTs should be classified as utility tokens rather than securities.

Uyeda and SEC Commissioners Peirce and Caroline Crenshaw also issued a joint statement on Gensler’s resignation.

The commissioners praised Gensler’s dedication and collaborative approach, emphasizing the gravitas in handling policy differences, especially with regard to the Crypto asset industry.

They noted: "Chairman Gensler has been committed to bipartisan engagement and a respectful exchange of ideas that helps advance our service to the American public."

Gensler announced his departure on November 21, 2024, less than two weeks before the US election.

It is worth noting that Trump vowed to fire the former SEC chairman on his first day in office.