To bring order to some of the major federal agencies, US President Donald Trump has temporarily placed Mark Uyeda in command of the SEC.
President Donald Trump has appointed Mark Uyeda, a current Commissioner of the US Securities and Exchange Commission (SEC), as the agency’s acting Chairman. Mark Uyeda’s nomination was among the first on the president’s first day in office.
Mark Uyeda as US SEC acting Chair
Mark Uyeda, the newly appointed Commissioner of the US Securities and Exchange Commission, took a strong pro-crypto stance on June 30, 2022. The White House announced his nomination as acting chair, along with 14 other government agencies. The statement did not specify how long Mark Uyeda will be interim Chair of the US Securities and Exchange Commission.
Former Chairman Gary Gensler formally left the agency many weeks after announcing his resignation. As previously reported, President Trump has named Paul Atkins to lead the securities regulator more permanently. Mark Uyeda will most likely continue to serve as chairman until Atkins is confirmed and approved by MPs for the takeover.
Uyeda, who worked with Gary Gensler, has always had a distinct perspective on the cryptocurrency environment. With Gensler’s departure, the temporary chairman is anticipated to shift away from the previous administration’s severe posture on financial markets.
While the acting chairman’s responsibilities are diverse, Mark Uyeda may concentrate on management and leadership. Paul Atkins’ prospective return is pending, and he will also maintain market stability.
Industry reaction to the appointment
Following Gary Gensler’s resignation, the US SEC website has been changed, with only three commissioners remaining. MetaLawMan, a pro-crypto lawyer, provided this news on X, stating that the new era at the SEC is now official.
It’s Official! New Era at SEC Has Begun.
The SEC website confirms there are officially three Commissioners at the SEC, with the departures of Gensler and Lizarraga.
The SEC is authorized to take action on any matter with a quorum of 3 and a 2-1 vote.https://t.co/OWTc5z9eE8
— MetaLawMan (@MetaLawMan) January 20, 2025
Commissioners Hester Peirce and Caroline Crenshaw will endorse Mark Uyeda. While Peirce’s tenure ends this year, Crenshaw’s expired last year. As previously reported by Coingape, the US Senate canceled Crenshaw’s renomination hearing due to opposition from the crypto sector.
Only Mark Uyeda will serve till 2028. Based on the existing structure of the US SEC, the number of pro-crypto commissioners outnumbers the anti-crypto regulator. This imbalance has the potential to cause significant beneficial changes in the sector at this moment.
Caroline Pham for US CFTC Chair
The President selected Caroline Pham as Chair of the Commodity Futures Trading Commission (CFTC), however this was not included in the White House statement. The nomination has been approved by CFTC Commissioners, and Pham has also stated that he will confirm it.
Caroline Pham also has an optimistic outlook on the cryptocurrency industry. Mark Uyeda and Caroline Pham are seen as a promising indicator that the business is entering a new age.
Silk Road’s Ross Ulbricht to be free, confirms Elon Musk
Demand for Ross Ulbricht’s release soared following Donald Trump’s inauguration, with Elon Musk announcing the Silk Road founder’s imminent release.
As Donald Trump takes over the White House for the next term, everyone is keeping a careful eye on the decision to release Silk Road marketplace creator Ross Ulbricht. Tesla CEO Elon Musk, who has been close to Trump’s staff, has confirmed the decision. “Ross will be freed too,” Musk tweeted in response to a social media post.
Silk Road founder Ross Ulbricht to be out of prison soon
Ross Ulbricht of the Silk Road has yet to receive an official contact from Donald Trump regarding the easing of his prison term. During his presidential campaign last year, Trump said, “If you vote for me, on day one, I will commute Ross Ulbricht’s sentence.”
After the inauguration ceremony, Trump signed multiple executive orders in the Oval Office, and everyone is waiting for him to pardon Ulbricht after 11 years in prison. Elon Musk, Trump’s close buddy and tech mogul, verified the Silk Road founder’s release.
Father, I’m hearing from the people that you need to put Ross Ulbricht’s pardon at the top of the executive order stack. pic.twitter.com/7YSf0hdgSD
— Wirelyss 👁️🗨️💫 (@wirelyss) January 21, 2025
Angela McArdle, head of the Libertarian National Committee (LNC), has revealed that Ross Ulbricht is expected to obtain a presidential pardon within the next 24 to 48 hours. McArdle published the following message on the X platform:
“Pres. Trump’s staff just confirmed to me Ross’s pardon will be issued late tonight or tomorrow morning”.
Elon Musk affirmed the same in a recent X post answer, adding to market excitement. Notably, according to Ross Ulbricht’s post on X from May 2024, Trump will “commute” the sentence for the Silk Road founder.
This signifies that the harshness of the punishment or prison sentence will be lessened. Thus, it would be intriguing to see if Trump goes a step further and pardons the sentence, implying total forgiveness.
No crypto executive order on day 1?
While the larger crypto sector had high hopes that President Donald Trump will issue a crypto executive order on the first day, no such development has occurred thus far. There have been conflicting reactions to this development.
The anonymous crypto handle “Flood” stated: “NO ROSS PARDON, NO LEGALIZATION OF PERPETUAL SWAPS, AND NO CRYPTO EXECUTIVE ORDER HAVE WE BEEN BAMBOOZLED BY THE TRUMP CRIME FAMILY?” However, some experts have advised the sector to be patient. Popular cryptocurrency analyst Miles Deutscher shared his opinion on the matter, highlighting good events surrounding Ross Ulbricht’s pardon, saying:
“Tbh, it was unlikely Trump was going to mention crypto in his speech anyway. What matters is what happens over the coming days. There are already reports of pardoning Ross Ulbricht + and an executive order to allow banks to more easily hold digital assets. Patience”.
TRUMP meme coin tanks 40%
Following the January 20 inauguration, the Official Trump (TRUMP) meme currency fell 40% to $32, as of press time. Similarly, the Official Melania Meme (MELANIA) has dropped by 60% a day after its release.
The Trump family’s introduction of meme currencies has sparked strong condemnation from a number of specialists, including those in the crypto business. Billionaire investor Mark Cuban has criticized the TRUMP meme currency, calling it too speculative. Cuban voiced concern about the token’s potential to undermine bitcoin legitimacy and aggravate regulatory issues for the whole ecosystem.
Dogecoin down 7% following Vivek Ramaswamy’s D.O.G.E exit
Vivek Ramaswamy has resigned as co-leader of the Department of Government Efficiency (D.O.G.E), a contentious program led by Elon Musk and supported by President Donald Trump.
Ramaswamy’s retirement comes amid mounting speculation that he would run for governor of Ohio.
Ramaswamy steps down from D.O.G.E co-leader role
Ramaswamy, who was initially selected to co-lead D.O.G.E with Musk, mentioned ambitions in Ohio as well as his ongoing support for Donald Trump’s program.
It was my honor to help support the creation of DOGE. I’m confident that Elon & team will succeed in streamlining government. I’ll have more to say very soon about my future plans in Ohio. Most importantly, we’re all-in to help President Trump make America great again! 🇺🇸 https://t.co/f1YFZm8X13
— Vivek Ramaswamy (@VivekGRamaswamy) January 20, 2025
National political writer Taylor Popielarz confirmed through sources that Ramaswamy’s governorship ambitions forced his resignation. Popielarz announced Ramaswamy’s plans to run for public office by citing Anna Kelly, a Trump-Vance Transition spokesman.
A source familiar confirms to me @VivekGRamaswamy is no longer part of @DOGE because he is announcing his run for governor of Ohio early next week and it became clear he couldn’t campaign and lead DOGE at the same time.
“Relationship with Elon is good and Vivek will be…
— Taylor Popielarz (@TaylorPopielarz) January 20, 2025
Ramaswamy hasn’t completely dismissed the speculation. However, it appears that his leaving was not wholly voluntary. According to Politico, Musk had been displeased with Ramaswamy, with tensions rising following a contentious X post in December.
In the piece, Vivek Ramaswamy slammed the American work ethic, claiming that software businesses recruit foreign labor because the culture “venerated mediocrity over excellence.” This, along with his developing interest in Ohio politics, prompted Musk to advocate for his removal.
“Everyone wanted him out. They wanted him out before the tweet — but kicked him to the curb when that came out,” Politico reported, citing a Republican strategist close to Trump.
Meanwhile, Trump made sure to include D.O.G.E. in his inauguration speech on Monday. Similarly, during Trump’s inauguration ceremony, Musk declared that he plans to carry D.O.G.E. to Mars, toying with Dogecoin pricing sentiment from the start.
The organization was created to reduce federal expenditure through budget cutbacks and widespread layoffs. Key individuals in the cryptocurrency sector, including Coinbase CEO Brian Armstrong and Gemini co-founder Cameron Winklevoss, have expressed significant support for the newly formed D.O.G.E.
Trump and Musk’s promotion of D.O.G.E prompted a brief increase in Dogecoin pricing. However, it corrected swiftly, plummeting by more than 7% as the news of Ramaswamy’s departure spread.
The proposal has also encountered strong opposition. According to the Washington Post, consumer advocacy groups Public Citizen and the public interest legal firm National Security Counselors filed cases against D.O.G.E. shortly after Trump entered office.
The cases allege breaches of the Federal Advisory Committee Act. Critics contend that the idea permits private persons such as Musk to make government decisions without proper openness or control.
