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crypto.news 2025-01-15 16:14:53

Trump’s SEC plans crypto overhaul, may freeze crypto lawsuits: report

Trump’s SEC plans crypto overhaul, may freeze crypto lawsuits: report

The U.S. SEC is set for a significant shift in cryptocurrency policy under the incoming Trump administration. According to Reuters, the SEC is preparing to review its enforcement actions, potentially freezing or even withdrawing cases that do not involve fraud allegations. The move would mark a stark departure from outgoing SEC Chair Gary Gensler’s aggressive stance on the crypto industry. President-elect Donald Trump’s pick for SEC chair, Paul Atkins, is expected to lead these changes. Known for his crypto-friendly views, Atkins is anticipated to work closely with Republican commissioners Hester Peirce and Mark Uyeda, both of whom have been vocal critics of Gensler’s regulatory approach. Peirce and Uyeda are reportedly considering clarifying when a cryptocurrency should be classified as a security and reviewing ongoing enforcement cases. They are also discussing easing accounting rules that have discouraged companies from holding crypto assets on behalf of third parties. Some of the changes may take place as early as next week when Donald Trump becomes president. The SEC is also expected to seek public input to help draft new regulations tailored to the crypto sector. This effort reflects growing calls from the industry for clearer guidelines, as many companies argue that existing rules are outdated and ill-suited for decentralized digital assets. You might also like: Illicit crypto volume could have reached $51b in 2024: report The SEC’s crypto turnaround During Gensler’s tenure, the SEC launched over 80 enforcement actions against crypto firms, alleging many tokens were unregistered securities. Critics say the crackdown stifled innovation, while others believe it was necessary to curb fraud and manipulation. Industry observers expect the new SEC leadership to maintain a tough stance on fraud but adopt a more collaborative approach toward firms that comply with regulations. However, dismissing pending cases or rewriting existing rules could face legal and political challenges, potentially delaying the rollout of any changes. Bitcoin ( BTC ) has surged close to the $100,000 mark, driven by growing optimism around Trump’s crypto-friendly platform. With the SEC poised to reshape its regulatory approach, the U.S. crypto industry is bracing for a new and potentially more favorable landscape. You might also like: Bank of Namibia grants provisional licenses to two crypto exchanges

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