#Gensler Steps Down, Uyeda Takes Over as SEC Chair#

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has officially stepped down, with Mark Uyeda taking over as Acting Chair. Uyeda, a Republican, has served as an SEC Commissioner since June 30, 2022, and has been critical of Gensler's aggressive regulatory approach. He has stated that the new administration will reset the SEC's regulatory agenda, focusing on capital formation, innovation, and investor protection, particularly protecting against fraud targeting seniors. During his tenure, Gensler adopted a tough stance on the cryptocurrency industry, pursuing enforcement actions, pushing for controversial crypto accounting policies, supporting stringent rule proposals that threaten the industry's business model, and once blocking the creation of spot cryptocurrency exchange-traded funds (ETFs). Uyeda's appointment is seen as a positive signal for the crypto industry, as he may pursue a more friendly regulatory approach and foster the development of the crypto industry.Meanwhile, Rostin Behnam, Chair of the U.S. Commodity Futures Trading Commission (CFTC), has also resigned, with Caroline Pham taking over as Acting Chair. Pham has generally taken a friendly stance on the crypto market, emphasizing the importance of regulation and hoping to facilitate innovation through an appropriate regulatory framework while protecting investors' interests. The leadership changes at these two agencies signal a shift in the U.S. government's cryptocurrency regulatory policy, suggesting a potentially more favorable future for the crypto industry.