Mark Uyeda has taken over as the acting Chairman of the Securities and Exchange Commission (SEC), following a recent change in leadership. His appointment is temporary while the Senate is expected to confirm Paul Atkins for the permanent chair position.
Uyeda currently serves as a Republican member of the SEC and has previously worked alongside Hester Peirce at the agency, both of whom had served under Atkins during his prior tenure as SEC Commissioner in the George W. Bush administration. Uyeda was sworn in as an SEC Commissioner on June 30, 2022, and secured a second five-year term when the Senate confirmed him in late 2023.
Throughout his time on the SEC, Uyeda has been critical of the policy decisions made by former Chair Gary Gensler, particularly his regulatory approach. He has voted against some of the enforcement actions proposed by the agency under Gensler and has voiced his opposition publicly. Uyeda believes that the transition to a new administration will allow the SEC to realign its regulatory agenda, focusing primarily on fostering capital growth and innovation while safeguarding investors from fraudulent activities.
His role at the SEC is not long-term, as Atkins is anticipated to receive prompt Senate approval. Prior to his SEC appointment, Uyeda worked as an advisor on the Senate Banking Committee for former Senator Pat Toomey and was also a senior advisor to the California state securities regulator during Arnold Schwarzenegger’s governorship.
With the leadership change, a shift in regulatory policies is expected. Gensler’s tenure was characterized by stringent regulations in the financial services sector and a notable opposition to cryptocurrency, leading to legal action against various crypto firms. The cryptocurrency sector has responded favorably to Atkins’s nomination, anticipating a relaxation of some of the Gensler-era regulations.
In addition to Uyeda’s appointment at the SEC, another key appointment in the financial regulatory framework has occurred. Caroline Pham has been designated as the acting Chair of the Commodity Futures Trading Commission (CFTC) following the resignation of the previous chair, Rostin Behnam. These shifts in leadership highlight a broader transformation in the regulatory approach toward financial markets and innovation going forward.