Trump Names Uyeda and Pham as Interim SEC and CFTC Leaders

Donald Trump has appointed Mark Uyeda as the acting chair of the U.S. Securities and Exchange Commission (SEC), replacing outgoing Chair Gary Gensler.

The development follows Trump’s inauguration as the 47th U.S. President, during which he took office as the country’s first “crypto President.”

Uyeda and Pham’s Appointments

According to a January 20 White House notice, Uyeda will serve in an interim capacity until the U.S. Senate approves a permanent successor. The government official, whose name was suggested last year as a potential replacement for Gensler, has previously worked as securities counsel for former lawmaker Pat Toomey on the Senate Banking Committee.

He also served as counsel to former SEC Commissioners Michael Piwowar and Paul Atkins. However, pro-crypto Atkins was officially announced last December as Trump’s nominee for permanent chair of the agency.

The interim chair has been critical of the financial watchdog’s stance on crypto under Gensler. In a speech delivered with Commissioner Hester Peirce in March last year, Uyeda described the environment for crypto asset markets, particularly in secondary trading, as “untenable.” He has also previously spoken against enforcement actions targeting non-fraudulent crypto firms.

Trump’s administration is also making leadership adjustments at the Commodity Futures Trading Commission (CFTC). On January 20, Fox Business reporter Eleanor Terret confirmed that CFTC Commissioner Caroline Pham had been chosen as acting chair.

The Republican commissioner was selected by a five-member panel to lead the agency after the resignation of outgoing Chair Rostin Behnam on the day of the President’s inauguration. The new appointee will also oversee the CFTC’s operations until the Senate confirms a permanent head.

Pham has consistently pushed for clearer regulations in the digital asset sector, frequently intervening in enforcement actions against blockchain platforms like Uniswap. She has also argued that crypto utility tokens should not be classified as securities, highlighting her pro-industry stance.

More Leadership Changes

The Federal Deposit Insurance Corporation (FDIC) is also seeing a change. Travis Hill was named temporary chair following the resignation of Marty Gruenberg on January 19.

The FDIC has been linked to “Operation Choke Point 2.0,” with Senator Cynthia Lummis accusing the agency of destroying digital asset records in relation to the alleged initiative to cut off the crypto sector from banking services.

In a recent speech, House Financial Services Committee Vice Chair French Hill called for a more open-minded approach to technology and urged clearer regulatory guidance on bank-crypto relationships.

Meanwhile, despite reports suggesting Trump might sign an executive order related to digital assets, no official announcement had been made at the time of writing. Furthermore, the new President did not mention crypto or blockchain technology in his first official statements since taking office.