President Donald J. Trump has named SEC Commissioner Mark T. Uyeda as the agency’s acting chair.
Uyeda, a Republican commissioner since 2022, will lead the SEC until Paul Atkins, Trump’s pick for SEC chair, is confirmed by the Senate. Gary Gensler, who led the SEC in the Biden administration, left office Jan. 20.
Uyeda has a long history at the SEC. He initially joined the agency in 2006 and served as a senior adviser to Jay Clayton, chair during Trump’s first term, and counsel to Republican commissioners Michael S. Piwowar and Atkins, the latter of whom was a commissioner from 2002 to 2008.
During his time as commissioner, Uyeda often clashed with Gensler over rulemaking and the SEC’s approach to regulating cryptocurrency.
At an event last month, Uyeda said many of the SEC’s rulemaking under Gensler have “added significantly to the burdens” faced by public companies. He specifically called out a rule that broadened the definition of a dealer and was struck down in court in November.
When rules get overturned in court, it results in “long-term institutional damage,” and the hard work of staff members is “basically … for nothing,” Uyeda said last month.
A Republican-led SEC is expected to be more business friendly and more accommodating to crypto.
Trump on Jan. 20 also officially nominated Atkins as SEC chair. Atkins would complete the remainder of Gensler’s term that expires June 5, 2026.
When fully operational, the SEC’s five-member commission is split 3-2 along party lines with the president’s party holding the majority. Currently, Republicans have a 2-1 majority as two Democrats — Gensler and Commissioner Jaime Lizarraga — resigned shortly before Trump took office.
Trump could have nominated Atkins to replace Commissioner Caroline Crenshaw, the lone Democrat, and give the Republicans a temporary 3-0 majority, but chose not to.
President Joe Biden renominated Crenshaw to another five-year term last year, but Senate Republicans blocked her nomination last month. Though her term expired in June 2024, commissioners can serve up to 18 months beyond their term’s expiration if a successor isn’t in place.