Mark Uyeda, the interim head of the U.S. Securities and Exchange Commission (SEC), recently shared his vision for the agency at the Wall Street Journal’s CFO Network Summit in New York. He indicated that the SEC will slow down its rulemaking efforts after a period of aggressive reforms under former Chair Gary Gensler.
Uyeda described the SEC as a large ship that needs careful steering. He emphasized that while adjustments are necessary, they should be made thoughtfully and deliberately. This comes after Gensler’s tenure, which saw rapid changes in regulations, including rules on climate-risk disclosures and increased scrutiny of the cryptocurrency market.
Appointed by President Donald Trump, Uyeda is temporarily leading the SEC until the Senate confirms Paul Atkins as the new chair. He previously worked with Atkins when Atkins was a commissioner. Since taking over, Uyeda has already made significant changes, especially regarding cryptocurrency regulations, following a tumultuous year for the sector in 2022.
The SEC has recently paused or dropped at least ten enforcement cases against crypto companies. Uyeda has also initiated a task force to develop clearer policies for the cryptocurrency industry. Additionally, he rolled back controversial accounting guidance related to crypto, arguing that it bypassed standard procedures for setting U.S. accounting rules.
In other regulatory moves, the SEC has stopped defending Gensler’s climate-risk disclosure rules, which are facing legal challenges. The agency has also made it easier for companies to block shareholder proposals and has exempted personal information from a key monitoring tool used in Wall Street transactions.
Furthermore, the SEC has extended deadlines for hedge funds and banks to meet new U.S. Treasury clearing requirements, aimed at preventing financial instability in the Treasuries market.
These changes come amid broader efforts by the Trump administration to reduce the federal workforce, including offering financial incentives for eligible SEC employees to resign or retire by early April.
Uyeda’s leadership marks a significant shift in the SEC’s approach, particularly in how it handles the evolving landscape of cryptocurrency and corporate governance.