Seeds of Wisdom RV and Economic Updates Monday Evening 1-20-25
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MARK UYEDA NAMED ACTING SEC CHAIR AMONG TRUMP APPOINTMENTS
Members of the US Commodity Futures Trading Commission also announced on Jan. 20 that Caroline Pham would serve as acting chair, filling two crucial regulatory roles
US Securities and Exchange Commission member Mark Uyeda will be acting chair of the financial regulator as of Jan. 20 following an announcement from the Trump administration.
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In a Jan. 20 notice from the White House, President Donald Trump said Uyeda would replace outgoing SEC Chair Gary Gensler in an acting capacity until the US Senate could confirm one of his nominees. Uyeda, a Republican, has served at the SEC since 2022 after being nominated by former US President Joe Biden.
Before taking office, Trump announced on social media that he planned to nominate former SEC Commissioner Paul Atkins to replace Gensler.
Atkins’ name appeared on a list of sub-cabinet appointments Trump said he had nominated to the Senate. It’s unclear when the chamber could consider his nomination as an SEC member.
Meanwhile, members of the US Commodity Futures Trading Commission announced on Jan. 20 that Commissioner Caroline Pham would serve as acting chair after Rostin Behnam stepped down.
The heads of the two financial regulators will be in a position to significantly influence policy related to digital assets.
As an SEC member, Uyeda criticized the commission’s approach to digital assets under Gensler, saying it “neither facilitates capital formation nor protects investors.” Under the former chair, the SEC filed several enforcement actions against US-based crypto firms, including Ripple Labs, Coinbase, Terraform Labs and Binance.
New administration, new approach to crypto?
It’s unclear what the status of these lawsuits will be under the Trump administration or Acting Chair Uyeda. The SEC will reportedly consider freezing all enforcement cases that don’t involve allegations of fraud.
Since taking the oath of office at 12:00 pm ET, Trump has not mentioned digital assets or blockchain on his first official day as US president. He had also pledged to commute the sentence of Silk Road founder Ross Ulbricht.
Reports suggested Trump was planning on signing an executive order potentially related to crypto, but the White House had not announced anything at the time of publication. Neither digital assets nor blockchain appeared on the administration’s list of policy priorities as they were first published on Jan. 20.
@ Newshounds News™
Source: CoinTelegraph
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DONALD TRUMP APPOINTS CAROLINE PHAM AS ACTING CFTC CHAIR
The CFTC commissioner has previously called for regulating digital assets in her role with the financial regulator, which could change under Donald Trump.
In one of his first official acts after being sworn in as US president, Donald Trump will name Commodity Futures Trading Commission (CFTC) member Caroline Pham as the acting chair of the financial regulator.
In an announcement shared with Cointelegraph on Jan. 20, a representative of Commissioner Pham said she would replace former CFTC Chair Rostin Behnam temporarily until Trump could nominate a permanent head of the regulator whom the Senate could confirm.
She has been serving as a CFTC commissioner since April 2022 after being nominated by former US President Joe Biden.
“I’m humbled to lead the CFTC as Acting Chairman,” said Pham. “It is an honor to be entrusted to serve the American people during this pivotal time.”
Behnam announced in January that he planned to step down on the day of Trump’s inauguration. Though any new CFTC commissioner or chair would need to be confirmed by a majority of lawmakers in the US Senate after hearings, Trump has the authority to appoint temporary replacements under the Federal Vacancies Reform Act.
As a CFTC commissioner, Pham has called on the government to address crypto regulation and proposed initiatives to protect investors.
It’s unclear what roles the CFTC and Securities and Exchange Commission will have in regulating crypto under the Trump administration, with many US lawmakers suggesting they plan to pass legislation establishing a market framework.
Trump took the oath of office as US president on Jan. 20 but notably did not mention digital assets or blockchain technology in his acceptance speech. In one of his last acts as a private citizen before assuming office, he and his wife, Melania, announced the launch of memecoins, which critics claim allow anyone to funnel money indirectly into the first family’s pockets.
US crypto regulation under Donald Trump
The appointment of Pham is one of many actions potentially affecting the crypto industry Trump is expected to take on his first day in office. The US president said he intended to nominate former SEC Commissioner Paul Atkins to replace Gary Gensler as chair of the financial regulator — Gensler officially stepped down on Jan. 20.
In May 2024, Trump promised to commute the sentence of Silk Road founder Ross Ulbricht, and reports have suggested he plans to sign at least one executive order related to crypto or blockchain.
The White House is expected to announce what executive orders Trump will sign on Jan. 20, but reports suggested the number would be “close to 100.”
@ Newshounds News™
Source: CoinTelegraph
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