Umair
US Securities and Exchange Commission (SEC) Commissioner Mark Uyeda was appointed as the acting chair of the regulator by President Donald Trump action published on Jan. 20.
Meanwhile, the SEC released a statement announcing the official resignation of Chair Gary Gensler.
Uyeda will lead the regulator until June 5, 2026 — the date when Gensler officially leaves the role and Paul Atkins, the nominated permanent head, takes office.
Additionally, Trump appointed Atkins as a member of the SEC in another action until he can assume the permanent chair role next year.
Uyeda has a long history of being a vocal advocate of digital assets. He has called on the regulator to take a more proactive approach toward the industry several times over the years.
Last October, during an appearance on the Fox Business show Mornings with Maria, he said the SEC had created significant uncertainty, forced courts to intervene, and produced inconsistent rulings.
Uyeda added at the time:
“There’s a growing frustration with the absence of guidance on what’s permissible and how to comply with securities regulations.”
Furthermore, in a statement published on Sept. 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 a dining establishment that sold NFTs tickets for exclusive access to an upcoming bar and restaurant. The effort resulted in $17.5 million captured via primary sales and royalties.
In the statement, the Commissioners argued that these NFTs should be classified as utility tokens rather than 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, emphasizing the dignity with which policy differences were navigated, notably regarding the crypto industry. They noted:
“Chair Gensler has been committed to bipartisan engagement and a respectful exchange of ideas, which has helped facilitate our service to the American public.”
Gensler announced his departure on Nov. 21, 2024, less than two weeks after the US elections. Notably, Trump vowed to fire the former SEC chair on his first day in office.
