Trump names Mark Uyeda SEC acting chair

Amid a flurry of early executive actions and appointments, President Trump on Tuesday named Mark Uyeda the acting chair of the Securities and Exchange Commission, elevating the Republican commissioner and former SEC staffer until the potential confirmation of Paul Atkins, the president’s choice for the permanent chair.

Uyeda, an SEC staffer since 2006 who became a commissioner in 2022, takes over from Democratic chair Gary Gensler, who resigned on Monday as Trump—who had promised to fire Gensler—took office. Uyeda had opposed Gensler’s agenda for stricter cryptocurrency regulations and requirements to report on environmental, social, and governance measures, Bloomberg Law reported.

Some limits. While Uyeda is now running the SEC, he won’t be able to reverse everything Gensler did, at least not right away. He will be able to axe some policies, such as crypto accounting guidance, but he probably won’t be able to pass or remove SEC rules until another Republican commissioner is confirmed, according to Bloomberg Law, because while it has just three members instead of its usual five, Democratic Commissioner Caroline Crenshaw can block votes to deny the commission a quorum.

Musical chairs. Crenshaw’s veto power may hold up Uyeda’s and Republicans’ agenda for the commission, but only for so long. Her term expired last year, and Republican senators prevented a December vote to confirm her for a second one. Trump could nominate Atkins to fill her seat, Bloomberg reported, which would potentially give Republicans total control until the confirmation of two Democratic members as required by law.