On February 5, according to Reuters, two people familiar with the matter said that the SEC currently requires its lawyers to obtain high-level approval before officially launching an investigation. The new requirements stipulate that law enforcement officers must obtain permission from politically appointed commissioners to issue subpoenas, request documents and compel testimony. Previously, staff members had the power to independently launch formal investigations, while SEC commissioners oversaw the entire process. The change follows leadership changes at the SEC, including the departures last month of former Chairperson Gary Gensler and Democrat Jaime Lizárraga. President Trump appointed Mark Uyeda as acting chairperson of the commission, which currently consists of three commissioners: Uyeda, Hester Peirce, and Caroline Crenshaw. According to Tyler Warner, a former banking consultant who is now an NFT market analyst, the new system will prevent "malicious attacks" and SEC commissioners will be more cautious and less likely to approve investigations without solid evidence.