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Coinpaprika 2025-01-21 08:51:24

Gensler Resigns as Uyeda Becomes Acting SEC Chair

Gary Gensler has officially stepped down as SEC Chair, with Mark Uyeda assuming the role of Acting Chair. President Trump has nominated Paul Atkins as Gensler’s permanent replacement, but Uyeda will hold the position until the Senate completes the confirmation process. This transition comes amid significant changes in U.S. financial regulation, as CFTC Chair Rostin Behnam also resigned. Caroline Pham, known for her pro-crypto stance, will take over as Acting Chair of the CFTC. These leadership shifts signal a potential shift in regulatory attitudes toward the crypto industry. Gensler’s resignation marks the end of a tenure defined by strict crypto oversight. Despite defending his policies, his departure has fueled optimism among crypto advocates. Pro-crypto sentiment is gaining traction , as both Uyeda and Pham have expressed support for innovative regulatory approaches. In a farewell letter co-signed by three SEC Commissioners, Gensler was praised for his service. However, only Caroline Crenshaw, a staunch supporter of Gensler’s crypto policies, aligned with his views. Crenshaw’s anti-crypto stance was a key factor in her failure to secure renomination. The other Commissioners, Hester Peirce (known as “Crypto Mom”) and Uyeda, are expected to foster a more crypto-friendly environment. Uyeda, in particular, has called for regulatory sandboxes and safe harbors to encourage industry innovation. “The Commission’s war on crypto must end,” Uyeda stated, praising Trump’s approach to SEC reform. The optimism surrounding Gensler’s departure was evident, as multiple crypto ETF applications were submitted shortly after his resignation. This indicates growing confidence in a more favorable regulatory landscape under new leadership. At the CFTC, Caroline Pham, long known for her supportive stance on crypto regulation, expressed her readiness to take on the Acting Chair role. Like Uyeda, Pham is expected to promote policies that encourage innovation while maintaining a balanced approach. While Mark Uyeda’s tenure as Acting Chair is temporary, his leadership could set the tone for broader changes at the SEC. Paul Atkins, Trump’s nominee for permanent SEC Chair, shares a similar vision, suggesting continuity in the pro-crypto direction. These leadership changes at the SEC and CFTC mark a pivotal moment for U.S. financial regulation, with potential implications for the future of the crypto industry.

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Gensler Resigns as Uyeda Becomes Acting SEC Chair

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