According to note From the White House on Monday afternoon, President Donald Trump has nominated GOP Commissioner Mark Uyeda to lead the Securities and Exchange Commission as acting chairman.

The appointment follows Trump’s official swearing-in ceremony on Monday morning.

Uyeda, currently serving his second five-year term at the SEC, will serve as acting head of Wall Street’s top cop while Trump’s pick for permanent chairman, Paul Atkins, awaits confirmation by the Senate, a process that could take several months.

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FOX business previously informed that Uyeda would likely receive the acting chairmanship since fellow GOP commissioner Hester Peirce had privately expressed that she was not interested in the role, preferring instead to lead what will be the agency’s new approach to regulating the industry of the $3.5 trillion cryptocurrency, according to sources. familiar with the matter.

Mark Toshiro Uyeda, member of the Securities and Exchange Commission (SEC) nominee for President Biden, speaks during a confirmation hearing for the Senate Banking, Housing and Urban Affairs Committee in Washington, DC on May 19, 2022 . (Ting Shen/Bloomberg via Getty Images/Getty Images)

Staff members for Uyeda and Peirce, as well as an SEC spokesman, did not respond to a request for comment.

Under Uyeda’s leadership, the SEC is poised to begin reversing policies established by Biden’s progressive chairman, Gary Gensler, who officially stepped down Monday.

Some of the changes Uyeda is expected to oversee include pausing the enforcement of climate-related disclosure rules that require companies to report greenhouse gas emissions, as well as possibly limiting the scope of the consolidated audit trail (CAT), a large database designed to track. all stock and options trades in US financial markets, which critics say raise privacy and data security issues.

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Perhaps the most watched will be Uyeda’s approach to cryptocurrency regulation and whether he will end the so-called “regulation by enforcement” crackdown imposed by Gensler, who approved more than 100 legal actions against the industry during his tenure four-year term.

Gary Gensler, chairman of the U.S. Securities and Exchange Commission, testifies during a Senate Banking, Housing and Urban Affairs oversight hearing to examine the U.S. Securities and Exchange Commission, on Capitol Hill in Washington, DC, on September 12 (ANDREW CABALLERO-REYNOLDS/AFP via Getty Images/Getty Images)

Uyeda and Peirce, known as “Crypto Mom” ​​for their supportive stance toward the industry, have been outspoken critics of how Gensler’s commission has handled efforts to bring the digital asset industry into compliance.

“I think our policies and our approach over the last few years has really been a disaster for the entire industry,” Uyeda said in an interview with FOX Business in November.

Uyeda also mentioned that he aims to help President Trump fulfill his campaign promise to end what he called the Biden administration’s “war on crypto.” This could involve, according to Uyeda, halting the agency’s new enforcement actions against crypto companies that have no allegations of fraud or harm and have not registered with the commission. In addition, it could involve the review of all cases currently in active litigation on the issue. Some of these ongoing cases include Coinbase, Kraken and blockchain payments company Ripple, all of which have been sued by the SEC for failing to record sales of cryptocurrency tokens, despite unclear laws on the classification of digital assets .

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Establishing regulatory clarity for digital assets is a top priority for the new SEC commission under the Trump administration.

Like Uyeda, Peirce has also spoken out publicly against regulatory crackdowns and has been a proponent of so-called “safe harbors,” which allow companies working with emerging technologies like blockchain and AI the ability to operate under the ‘agency observation, but without the threat of coercive action.

U.S. Securities and Exchange Commission Commissioner Hester Peirce during the Permissionless II event in Austin, Texas on September 11, 2023. (Thomas Allison/Bloomberg via Getty Images/Getty Images)

Peirce is expected to play a leading role in reassessing the agency’s approach to crypto by creating and leading an internal “crypto working group” that will foster an open dialogue with industry players and start the process of providing more clarity to the digital assets sector. through possible new regulations.

It is unclear how quickly the planned policy changes will occur at the SEC. Uyeda and Peirce are currently the only GOP members on the commission, along with Caroline Crenshaw, now the sole Democrat following the resignations of Gensler and fellow Democratic commissioner Jaime Lizárraga. In addition to Atkins, Trump will also appoint another GOP member to the commission and two other non-Republican commissioners.

Meanwhile, many in the crypto world, as well as former and current politicians, are praising Trump’s selection of Uyeda.

“Mark Uyeda has the knowledge and integrity to be an excellent chairman of the SEC,” said former Pennsylvania Sen. Pat Toomey. “Mark is intelligent, fair, diligent and has a deep respect for the rule of law.”

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Meanwhile, the SEC’s sister agency, the Commodity Futures Trading Commission, which will take on more responsibilities in cryptocurrency regulation, will be led by Acting Chairwoman Caroline Pham, who was appointed to the post by Trump on Monday. He has not yet appointed a permanent president. Pham is also an advocate for transparent cryptocurrency policies and regulations that encourage technical innovation.

“Caroline Pham has earned her place as acting chair of the Commodity Futures Trading Commission,” said former CFTC Chairman Chris Giancarlo. “She is hard-working, open-minded and very forward-thinking, exactly the characteristics that distinguish the CFTC as a market regulator. I am confident that she will continue to enhance the agency’s global recognition for market intelligence and sophistication.”