Gensler Resigns as Mark Uyeda Becomes Acting SEC Chair

Gary Gensler has officially resigned as the SEC Chair, and Mark Uyeda has been named his acting replacement. Trump officially named Paul Atkins as the next Chair, but Uyeda will fulfill this role until Senate confirmation hearings conclude.

The CFTC’s leader also resigned from his position today, marking dramatic shifts in US financial regulation.

A New (Acting) Chair for the SEC

Gary Gensler, the anti-crypto Chair of the SEC, is finally out of office. Although Gensler persistently defended his stance on the industry, his departure marks a new wave of pro-crypto sentiment from federal regulators.

Three Commissioners co-signed an official farewell letter, making the end of his tenure. Despite all the heated policy disputes, its tone remains friendly.

“Thank you, Chair, for your leadership, your zealous advocacy on behalf of our agency and investors, and your friendship.  We are proud to have served this great agency alongside you.  Your extensive public service over the past thirty years cautions against saying goodbye; instead, we will say – so long for now,” the letter claimed.

Of the three SEC Commissioners who signed this letter, only Caroline Crenshaw supported Gensler’s anti-crypto crusade as Chair. This stance greatly contributed to her failure to win a re-nomination for this post.

The other two, Hester “Crypto Mom” Peirce and Mark Uyeda, have been preparing to usher in a new pro-crypto paradigm in federal regulation.

Overall, Gensler’s resignation marks a turning point for US crypto regulations. The optimism was evident, as several crypto ETF applications were filed within an hour of Gensler’s last day at the office on Friday.

Additionally, the White House released a statement claiming that Mark Uyeda will be the next Acting Chair of the SEC. Trump already named Paul Atkins his official choice for Gensler’s successor, but congressional procedures still need to be fulfilled.

Until the Senate confirms him, a process that will probably take months, an active Commissioner must fill this role. Uyeda, for his part, is not likely to run the SEC any differently as Acting Chair than Atkins would. Uyeda publicly claimed that “the Commission’s war on crypto must end” and praised Trump’s ability to radically change SEC policy.

“Republican SEC Commissioner Mark Uyeda called for safe harbors and regulatory sandboxes to allow for innovation in the crypto industry. This is the first time Uyeda has publicly called for these ideas,” Eleanor Terrett posted back in November.

CFTC Chair Rostin Behnam also resigned today in accordance with his earlier announcement. Behnam also welcomed his replacement, Caroline Pham, via social media.

Pham, who has long supported friendly regulation, will be Acting Chair in the same way Uyeda will at the SEC. In both cases, these officials have maintained an amiable tone with each other.