Newly sworn into office, President Donald Trump on Monday appointed Mark Uyeda to lead the Securities and Exchange Commission (SEC) as acting chair.
Uyeda takes over the agency from former SEC Chair Gary Gensler, who in November announced he would step down on Jan. 20. Gensler, most widely known for his aggressive and strict attitude towards bitcoin and cryptocurrencies, was appointed SEC chair by Joe Biden in April 2021.
Trump previously stated he would nominate former SEC Commissioner Paul Atkins to lead the agency. Uyeda will head the SEC until Atkins is confirmed by the Senate.
“I am honored to serve in this capacity after serving as a Commissioner since 2022, and a member of the staff since 2006,” Uyeda said in a statement. “The SEC has a vital mission—protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation—that plays a key role in promoting innovation, jobs creation, and the American Dream.”
Uyeda, a Republican SEC Commissioner since 2022, is anticipated to embrace the $3.5 trillion dollar cryptocurrency industry. He, along with fellow GOP Commissioner Hester Peirce, have both expressed supportive views on cryptocurrencies and have criticized Gensler for imposing stricter regulation on the digital assets.
“I think our policies and our approach over the last several years have been just really a disaster for the whole industry,” Uyeda previously stated in an interview with FOX Business.
Prior to joining the SEC, Uyeda was appointed by Governor Arnold Schwarzenegger to serve as the chief advisor to the California Corporations Commissioner, the state’s securities regulator. He also worked as a corporate and securities attorney at Kirkpatrick & Lockhart in Washington, D.C., and O’Melveny & Myers in Los Angeles.
The confirmation was met with celebration by industry leaders. Eric Pan, president and CEO of the Investment Company Institute (ICI), congratulated Uyeda on the new role on Monday, adding that he looks forward “to continue working with him to continue the SEC’s mission of increasing capital formation, maintaining orderly markets, and protecting investors.”
Pan specifically named action items he anticipates working with Uyeda on, including “ETF share classes with more than 50 pending petitions.”
The Investment Adviser Association (IAA) also issued a statement on Tuesday praising Uyeda’s appointment. “We look forward to continuing to collaborate with him on priorities important to investment advisers and their clients, including reducing unnecessary regulatory burdens for small advisers,” the IAA stated.
Acting DOL Secretary
Trump on Monday also appointed Vincent Micone as acting secretary of the Department of Labor (DOL). He will temporarily serve as acting secretary until Trump’s nominee, Lori Chavez-DeRemer, is confirmed by the Senate.
Micone has worked for the Office of the Assistant Secretary for Administration and Management (OASAM) as deputy assistant secretary for operations. Prior to joining OASAM, he was executive director for Enterprise Services with the Department of Commerce. He also served roles in the homeland security, justice, and treasury departments.
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