Mark Uyeda, a Republican member of the U.S. Securities and Exchange Commission (SEC), has been appointed acting chair of the agency by President Donald Trump. This follows the resignation of Gary Gensler, the SEC chair under President Joe Biden.

Uyeda, who became an SEC Commissioner in 2022, is expected to bring a new perspective to the commission's leadership. His appointment comes after Gensler, whose tenure was marked by contentious relations with the cryptocurrency industry, resigned from his post.

Earlier, Uyeda has expressed strong views against the SEC’s aggressive stance under Gensler, describing the previous policies as disastrous for the industry. His focus is on providing clearer regulations and ending what he describes as the "war on crypto" initiated under Biden's administration.

Gensler’s Controversial Leadership

Gary Gensler, who had been appointed SEC chair in 2021, adopted a "regulation by enforcement" approach during his time at the agency. 

Gensler's SEC brought over 100 enforcement actions against individuals and companies in the crypto space, fueling frustration among industry leaders. Under his leadership, the SEC pursued legal actions against several high-profile crypto companies, including Coinbase, Binance, Ripple, and Kraken. 

The most notable of these actions was the ongoing lawsuit against Ripple regarding its XRP token. The case has been a major point of contention in the crypto community, with many calling for more clear and consistent regulation. 

In particular, the Blockchain Association, which represents major players in the crypto industry, reported that Gensler’s actions had cost its members over $429 million in legal fees. Billionaire Mark Cuban, publicly expressed their relief at Gensler's departure, signaling that his tenure had left a lasting negative impact on the industry.

With Uyeda now in charge, there is a strong possibility that the SEC will shift its stance, potentially ending long-standing regulatory battles like the Ripple case.

Mark Uyeda’s Crypto-Friendly Approach

Mark Uyeda is widely regarded as more crypto-friendly than his predecessor. His stance aligns with the growing calls from the crypto community for clearer and less hostile regulation. During his tenure as an SEC Commissioner, Uyeda had voiced concerns about the regulatory framework for digital assets, and now as acting chair, he reportedly plans to address these issues head-on.

Uyeda has already expressed his intent to reverse some of the more contentious policies from Gensler's time at the helm. In particular, he aims to clear the regulatory uncertainty that has plagued the crypto industry. By doing so, he hopes to facilitate the approval of cryptocurrency exchange-traded funds (ETFs), which could play a significant role in furthering the mainstream adoption of digital assets.

The Future of the SEC Under Paul Atkins

While Uyeda has been appointed as the acting chair, President Trump has nominated Paul Atkins, a former SEC Commissioner, to take over as the permanent chair of the agency. Atkins, known for his pro-business stance and background in financial regulation, is expected to steer the SEC in a direction that favors less intervention in capital markets and a more open regulatory framework for emerging technologies like cryptocurrency.

Atkins’ confirmation will require approval from the Senate, but his appointment is seen as a crucial step toward redefining the SEC's approach to the digital asset space. If approved, Atkins and Uyeda are expected to work together to shift the regulatory narrative and possibly make the U.S. a more crypto-friendly environment.