President-elect Trump’s SEC plans a crypto policy overhaul, potentially pausing enforcement actions. This move is poised to reshape the landscape of cryptocurrency regulation in the United States, bringing significant changes and much-needed clarity to the industry.
Under the new leadership of incoming SEC Chair Paul Atkins, a former commissioner known for his crypto-friendly stance, the agency is expected to reverse the aggressive crackdown led by outgoing Chair Gary Gensler. During Gensler’s tenure, the SEC initiated 83 crypto-related enforcement actions, targeting major companies like Coinbase and Kraken. Atkins, along with commissioners Hester Peirce and Mark Uyeda, plans to review these enforcement cases and provide clear guidelines on the definition of securities in the context of crypto assets.
One of the key aspects of this overhaul is the potential pause or withdrawal of non-fraud litigation. This policy shift aims to focus on fraud accountability while providing a more balanced approach to crypto regulation. Legal experts, however, warn of potential challenges in dismissing enforcement actions or revising settled cases.
The new leadership is also expected to rescind accounting guidance that has limited public companies from holding crypto for clients. This change could encourage more companies to engage with digital assets, fostering growth and innovation in the crypto space.
President-elect Trump has pledged to be a “crypto president” and plans to issue executive orders to reassess crypto regulations. This commitment has already had a positive impact on the market, with Bitcoin nearing $100,000 as investors react to the anticipated policy changes.
Sources:
https://cryptobriefing.com/trump-sec-overhaul-crypto-policy/
https://www.aol.com/trumps-sec-leadership-poised-kick-150228469.html
https://www.cbo.gov/publication/61136
https://www.cbo.gov/publication/60890
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