President Donald Trump appointed Mark Uyeda, a Republican SEC commissioner, as acting chair of the SEC, replacing Gary Gensler who led the agency during the Biden administration.

Trump plans to nominate former SEC Commissioner Paul Atkins as permanent chair.

Atkins previously collaborated with Uyeda and Commissioner Hester Peirce, who have advocated for clearer crypto regulations.

“The agency has a chance to reset its regulatory agenda,” Uyeda said in a November interview, emphasizing capital formation and innovation while maintaining investor protections.

He has criticized Gensler’s aggressive enforcement approach, particularly regarding digital assets.

Uyeda and Peirce are planning to begin a crypto policy overhaul this week, Reuters reported.

The initiative may include reviewing contested policies such as crypto accounting guidance that drew congressional criticism last year.

Major reforms may face hurdles as the SEC currently operates with three commissioners—Uyeda, Peirce, and Democrat Caroline Crenshaw.

Under SEC quorum rules, rulemaking requires unanimous approval, giving Crenshaw effective veto power over new proposals.