SEC Commissioner Uyeda Named Interim Agency Head Under Trump

 SEC Commissioner Mark Uyeda will serve as the agency’s acting chair until President Donald Trump installs a permanent head.

The Republican’s appointment became effective Monday, according to official documents signed by Trump in the first hours of his second presidency. At the same time, Uyeda was named by Trump on an interim basis among 14 other temporary or official agency heads.

Uyeda has pushed to open private markets to more investors and opposed Democratic efforts to restrict cryptocurrency markets and increase environmental, social, and governance disclosures since joining the Securities and Exchange Commission in 2022.

Uyeda will have the power to undo SEC policies stemming from Gary Gensler, the Democratic agency chair who stepped down Monday. Crypto accounting guidance that Congress tried to eliminate last year could be among the polices that disappear.

The SEC is unlikely to adopt big rules or roll back old ones until another Republican joins the agency. Caroline Crenshaw, the SEC’s lone Democratic commissioner, effectively holds a veto over agency rulemaking. She’s joined by Republican Commissioner Hester Peirce, who has advocated for more lax rules around cyptocurrency.

https://news.bloomberglaw.com/esg/sec-commissioner-uyeda-named-interim-agency-head-under-trump