President Trump appoints Mark Ueda acting Chairman of the Securities and Exchange Commission

According to A note From the White House on Monday afternoon, President Donald Trump named GOP Commissioner Mark Ueda to lead the Securities and Exchange Commission as acting chairman.

This appointment comes after Trump’s official swearing-in ceremony on Monday morning.

Ueda, who is currently serving his second term of a five-year term on the SEC, will serve as interim chief of Wall Street’s top cop while Paul Atkins, Trump’s pick for permanent chief, awaits Senate confirmation, a process that could take several months.

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Fox Business I mentioned previously Ueda is likely to get the acting chairmanship because fellow GOP commissioner Hester Pierce has privately expressed no interest in the role, preferring instead to lead what would be the agency’s new approach to regulating the $3.5 trillion cryptocurrency industry, according to sources. . Familiar with this issue.

Ueda and Pierce staff, as well as an SEC press spokesman, did not respond to a request for comment.

Under Ueda’s leadership, the SEC is poised to begin reversing policies put in place by Biden’s progressive boss, Gary Gensler, who formally resigned from his position on Monday.

Some of the changes Ueda is set to oversee include temporarily halting the implementation of climate-related disclosure rules that require companies to report greenhouse gas emissions, as well as potentially limiting the scope of the Consolidated Audit Track (CAT), a large database designed to track all stock trading. and options in US financial markets, which critics say pose privacy and data security concerns.

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Perhaps most closely watched is Ueda’s approach to regulating cryptocurrencies, and whether he will end the so-called “regulation by enforcement” crackdown imposed by Gensler, who approved more than 100 legal actions against the sector during his four-year tenure. .

Ueda and Pierce, referred to as “Crypto Mom” for her supportive stance toward the industry, have been vocal critics of how the committee headed by Gensler has managed efforts to bring the digital assets industry into compliance.

“I think our policies and approach over the last few years have just been a disaster for the entire industry,” Ueda said in an interview with FOX Business in November.

Ueda also stated that he aims to help President Trump fulfill his campaign promise to end what he referred to as the “war on cryptocurrencies” being waged by the Biden administration. This could include, according to Ueda, halting the agency’s new enforcement actions against cryptocurrency companies that lack allegations of fraud or harm and have failed to register with the commission. Additionally, this would entail reviewing all cases currently in active litigation related to this issue. Some of these ongoing cases include Coinbase, Kraken, and blockchain payments company Ripple, all of which have been sued by the SEC for failing to register sales of cryptocurrency tokens, despite unclear laws surrounding the classification of digital assets.

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Creating regulatory clarity for digital assets is a top priority for the new SEC under the Trump administration.

Like Ueda, Pierce has also spoken out against the regulatory crackdown and has been a supporter of so-called “safe harbors,” which allow companies working with emerging technology like blockchain and artificial intelligence the ability to operate under agency oversight but without the need for agency oversight. Threat of enforcement action.

Pierce is expected to take a leading role in re-evaluating the agency’s approach to cryptocurrencies by creating and leading an internal “crypto task force” that will foster open dialogue with industry players and begin the process of providing greater clarity to the digital asset sector through potential new rulemaking. .

It’s unclear how quickly any planned policy changes at the SEC will happen. Ueda and Pierce are the only two GOP members currently on the commission, along with Carolyn Crenshaw, the only Democrat now after the resignations of Gensler and fellow Democratic Commissioner Jaime Lizarraga. In addition to Atkins, Trump will also appoint another GOP member to the commission and two non-Republican commissioners.

Meanwhile, many in the cryptocurrency world, as well as former and current politicians, are applauding Trump’s selection of Oeda.

“Mark Ueda has the knowledge and integrity to make an excellent Chairman of the SEC,” said Pat Toomey, a former Pennsylvania state senator. “Mark is smart, fair, hardworking and has a deep respect for the rule of law.”

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Meanwhile, the SEC’s sister agency, the Commodity Futures Trading Commission, which is set to take on more responsibilities in regulating cryptocurrencies, will be led by acting Chairwoman Carolyn Pham, who Trump appointed to the position on Monday. He has not yet appointed a permanent president. Pham is also an advocate of transparent policies regarding cryptocurrencies and regulations that promote technical innovation.

“Carolyn Pham has earned her place as acting Chair of the CFTC,” said Chris Giancarlo, former CFTC Chairman. “She is hard-working, open-minded and very forward-thinking, which are exactly the characteristics that set the CFTC apart as a market regulator. I am confident that she will continue to strengthen the agency’s global recognition of its market intelligence and sophistication.”