Trump Appoints Uyeda as Acting SEC Chair, Agency to Undergo Transformation – Grayscale Bitcoin Mini Trust (BTC) ARCA:BTC Common fractional shares of beneficial interest
President Donald Trump has appointed Mark Uyeda, a Republican member of the U.S. Securities and Exchange Commission (SEC), as the acting chair of the agency.
What Happened: The White House confirmed Uyeda’s appointment as the acting chair of the agency.
Trump selected former SEC Commissioner Paul Atkins to lead the SEC permanently, pending approval from Congress.
Uyeda will temporarily take over the role from Gary Gensler, the former SEC chair appointed by President Joe Biden, who was known for prosecuting cryptocurrency-related companies like Coinbase and Ripple and advocating for increased cryptocurrency regulation.
Uyeda began his legal career at Kirkpatrick & Lockhart, now known as K&L Gates, and was appointed as Chief Advisor to the California Corporations Commissioner by Governor Arnold Schwarzenegger in 2004. He joined the SEC in 2006 and became a commissioner on June 30, 2022. Uyeda also served as counsel to Commissioner Atkins.
Why It Matters: According to Reuters, a Trump appointee at the SEC is likely to impact the agency’s cryptocurrency regulation policies. Trump’s connections to cryptocurrency, including the launch of his own meme coin and involvement in World Liberty Financial (WLFI), are closely tied to his business interests. The New York Times reported that Trump owns up to $5 million worth of Ethereum, indicating a potential shift towards loosening crypto regulations under the new SEC leadership, which could benefit assets like Ethereum, Bitcoin, and WLFI tokens.
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