#Gensler steps down, Uyeda takes over as SEC Chair#

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has formally resigned, and Mark Uyeda will take over as Acting Chair. Uyeda, a Republican, has been a SEC Commissioner since June 30, 2022, and has criticized Gensler's aggressive regulatory approach. He said the new administration will reset the SEC's regulatory agenda, focusing on capital formation, innovation, and investor protection, especially against fraud targeting seniors. During Gensler's tenure, the SEC took a tough stance on the cryptocurrency industry, including pursuing enforcement cases, pushing for controversial crypto accounting policies, supporting stringent rule proposals that threaten the industry's business model, and at one point blocking spot cryptocurrency exchange-traded funds (ETFs). Uyeda's appointment is seen as a positive sign for the crypto industry, and he may take a more friendly regulatory approach toward cryptocurrencies. Meanwhile, the Commodity Futures Trading Commission (CFTC) also welcomed a new Acting Chair, Caroline Pham, who replaced Rostin Behnam. Pham has been a thoughtful leader on digital asset issues, emphasizing the importance of regulation and hoping to promote innovation through an appropriate regulatory framework while protecting investor interests. Her appointment also indicates that the Trump administration will continue to push the U.S. to become a global leader in digital assets.