#SEC Chair Resigns, Crypto-Friendly Replacement Takes Over#

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, has formally resigned, with crypto-friendly Mark Uyeda taking over as acting chairman. Uyeda, a Republican, has been an SEC commissioner since June 30, 2022, and has consistently advocated for clear crypto regulations to protect investors and support innovation. He has publicly criticized inconsistent crypto enforcement and pushed for dialogue between industry regulators. Gensler took a hard line on the crypto industry during his tenure, including pursuing enforcement actions, pushing for controversial crypto accounting policies, and supporting strict rule proposals that threaten the industry's business model. Uyeda's appointment is considered a positive sign for the crypto industry, with expectations that he will push for more crypto-friendly regulatory policies. Meanwhile, the Commodity Futures Trading Commission (CFTC) also welcomed a new leader, with crypto-friendly Caroline Pham serving as acting chair. Pham, a Republican commissioner, has been a vocal supporter of cryptocurrency and blockchain technology development, emphasizing the importance of regulation to foster innovation while protecting investor interests. The appointments of these two new chairs mark a shift in the U.S. government's regulatory stance towards the crypto industry, with expectations of more policy developments favorable to the industry's growth in the future.