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Mark Uyeda's Crypto Legacy and Paul Atkins' New Leadership

EDUCATIONCRYPTO 101
Written By Shannon Levin
Mark Uyeda on Crypto Regulation

The US Securities and Exchange Commission (SEC) has undergone a major shift in its approach to cryptocurrency regulation. Mark Uyeda's brief tenure as Acting Chair established crypto-friendly policies that signaled a departure from the aggressive enforcement tactics of the past. Now, with Paul Atkins confirmed as the permanent SEC Chair, the crypto industry can expect continued progress under similar pro-business leadership.

In this article, we'll explore who Mark Uyeda is, how his transitional policies differed from those of former SEC Chair Gary Gensler, and what the crypto industry can expect under Paul Atkins' confirmed leadership.

Who Is Mark Uyeda?

Mark Uyeda is an American attorney and government official who has served as a Commissioner of the SEC since June 30, 2022. In January 2025, he was designated as the Acting Chairman of the SEC by President Donald Trump following the departure of his predecessor, Gary Gensler, on January 20, 2025.

Uyeda served as Acting Chair from January 20, 2025, until April 21, 2025, when Paul Atkins was officially sworn in as the permanent SEC Chair. During his brief but impactful tenure, Uyeda laid the groundwork for the SEC's new crypto-friendly approach.

Prior to his appointment as Commissioner, Uyeda amassed over 15 years of experience at the SEC, holding various roles, including Senior Advisor to Chairman Jay Clayton and Counsel to Commissioners Michael Piwowar and Paul Atkins. He also served as a policy advisor at the US Department of the Treasury and the US Department of Labor. Before joining the SEC, Uyeda was Chief Advisor to the California Corporations Commissioner and worked as a corporate and securities attorney at law firms in Washington, D.C., and Los Angeles.

Originally from Orange County, California, Uyeda earned a bachelor's degree in business administration from Georgetown University in 1992 and a law degree with honors from Duke University in 1995.

The SEC's Former Leadership: Exploring Gary Gensler's Crypto Policies

A significant shift is taking place in cryptocurrency regulation. While the Trump administration—under Uyeda and now Atkins—leans toward a more crypto-friendly stance, former SEC Chair Gary Gensler was infamous for his strict regulatory approach and aggressive enforcement actions against digital asset projects.

Comparing the industry to the "Wild West," Gensler argued that many crypto projects were unregistered securities operating outside the law and that existing regulations were sufficient to govern the space. His stance was clear: if a crypto company wasn't playing by traditional financial rules, the SEC was coming for it.

Under Gensler's leadership, the SEC ramped up enforcement actions, targeting some of the biggest players in crypto. In 2023 alone, the commission filed a record 46 crypto-related lawsuits—a 53% increase from the previous year. Major exchanges like Binance and Coinbase were hit with legal battles over allegations of unregistered operations, while other firms were accused of fraud and misleading investors. The message was clear: crypto wasn't getting a free pass under Gensler.

But it wasn't just about enforcement—Gensler also pushed for tighter regulations, arguing they were necessary to protect investors and bring order to the industry. However, critics—including lawmakers and industry leaders—claimed his aggressive policies stifled innovation and made it difficult for legitimate crypto businesses to operate.

Still, Gensler stood firm, maintaining that strict rules were needed to crack down on bad actors and integrate crypto into traditional finance. But for many in the industry, his heavy-handed approach felt more like a crackdown than constructive regulation. Whether seen as a necessary enforcer or an obstacle to progress, Gensler made sure cryptocurrency remained a top priority on the SEC's agenda.

Mark Uyeda's Transitional Leadership: Setting the Stage for Change

Mark Uyeda's brief tenure as Acting Chair proved pivotal in establishing the foundation for the SEC's new approach to crypto regulation.

In October 2024, he described the agency's approach to digital asset regulation as a "disaster for the whole industry." He also argued that the SEC's enforcement actions under Gensler "neither facilitated capital formation nor protected investors."

Uyeda took significant steps to reshape the SEC's digital asset policies, including:

These moves established the groundwork for the more crypto-friendly approach that would continue under permanent leadership.

Paul Atkins: The New SEC Chair

Paul Atkins was sworn into office as chair of the SEC on April 21, 2025. He brings extensive SEC experience, having previously served as an SEC Commissioner from 2002 to 2008 during the George W. Bush administration and previously served on the staff of two SEC chairmen and worked as a lawyer in New York.

Under his confirmed leadership, crypto investors can expect continued progress on the crypto-friendly policies initiated by Mark Uyeda. Key expectations include:

Reduced Enforcement Actions: The SEC under Atkins is expected to reflect a different approach to the use of the SEC's regulatory power generally. The agency is likely to continue moving away from the aggressive enforcement tactics of the Gensler era.

Clearer Regulatory Framework: With Atkins' business-friendly approach and support for innovation, the industry can expect continued efforts to establish clear rules that support legitimate crypto businesses while maintaining investor protection.

Cost-Benefit Analysis: The agency can be expected to incorporate practical cost-benefit analyses in SEC rulemaking, to promote regulation that is, in Atkins's view, both cost-effective and economically justified.

With the Trump administration's pro-crypto stance and Atkins' known support for digital assets, the SEC is positioned to provide the regulatory clarity and supportive environment that the crypto industry has long sought. Investors and crypto businesses can expect a more favorable regulatory climate—one that encourages innovation and growth rather than stifling it through aggressive enforcement actions.

Risk Disclosure

Trading or investing in crypto assets is risky and may result in the loss of capital as the value may fluctuate. VALR (Pty) Ltd is a licensed financial services provider (FSP #53308).

Disclaimer: Views expressed in this article are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.

Shannon Levin