By Chris Prentice (Reuters) -Newly sworn-in President Donald Trump has tapped Mark Uyeda, a Republican member of the U.S. Securities and Exchange Commission, to be acting chair of the agency, the White House said on Monday.

The White House has announced the appointment of Mark Uyeda as the Securities and Exchange Commission (SEC) acting chair much to the surprise of some stakeholders. In early December last year, the then President-elect Donald Trump reportedly picked pro-crypto Paul Atkins as the new chair for the SEC to replace Gary Gensler,

US President Donald Trump announced SEC Commissioner Mark Uyeda would fill in as acting chair after Gary Gensler’s departure on Jan. 20.

Trump has promised a more crypto-friendly administration. The present-elect named regulatory hawk and crypto advocate Paul Atkins as Gensler’s replacement, while former PayPal COO David Sacks rode a wave of conservative internet stardom to become the White House’s first AI and crypto czar.

Looking ahead, some analysts think the stock market will keep soaring as Trump pushes for deregulation and tax cuts during his second term. For instance, while on the campaign trail, he proposed lowering the corporate tax rate to 15% for domestic manufacturers. That could boost net profit margins and send the stock market higher.

One big ask, On The Money has learned, includes no longer having to deal with the heavy hand of regulation by the SEC, also known as Wall Street’s top cop.

Throughout the weekend, the project soared in value as Trump and his aides prepared to reenter the White House. As soon as Monday, Trump is expected to issue new policy directives that could loosen crypto regulation and send the price of bitcoin and other assets skyrocketing.

Bitcoin saw a retracement after the Trump administration released a document to lawmakers noting immediate priorities. The document fails to mention crypto or a Bitcoin strategic reserve, which were part of Trump's campaign promises.

Follow Cointelegraph’s live blog as Donald Trump takes the oath of office on Jan. 20. Stay tuned for crypto policy updates, market reactions and analysis of the administration’s potential impact on the crypto sector.

The new business venture by the Trump family is generating intensifying criticism and ethics questions, even as it has turned into an overnight phenomenon, generating a windfall on paper.

Two days after Donald Trump launched a memecoin that soared to $6.5 billion overnight, Melania Trump announced her own memecoin, adding to concerns the pro-crypto president is crossing ethical boundaries in an industry his administration will regulate.