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BitcoinSistemi 2025-02-04 08:33:07

Extremely Positive Development for Cryptocurrencies at the SEC Passed Quietly – The Offensive Era May Be Over

The U.S. Securities and Exchange Commission (SEC) has implemented a significant procedural change that will require sanctions attorneys to get approval from politically appointed leadership before formally launching an investigation, according to people familiar with the matter. The change, which has not been previously reported, represents a departure from previous practices and could potentially slow down enforcement actions. This change comes under new leadership at the SEC following the inauguration of President Donald Trump. Traditionally, the independent agency has been overseen by five commissioners, including the chair. The commission currently consists of three members: Republicans Mark Uyeda and Hester Peirce, and Democrat Caroline Crenshaw. Uyeda is serving as acting chair until former SEC Commissioner Paul Atkins, appointed by Trump, is confirmed as chair. In recent days, some SEC enforcement personnel have been notified that they will require Commission approval for all formal investigative orders, a key step in issuing subpoenas for testimony or documents. Previously, this authority was delegated to lower-level staff, allowing them greater autonomy in initiating investigations. The Commission has always reserved the right to intervene, but has not routinely exercised this authority. Related News: Is This Why Bitcoin Rallied Back? Donald Trump's Action Will Be Much Talked About Reuters could not confirm whether the Commission had formally voted to rescind the existing mandate or who ordered the change. An SEC spokesman declined to comment and the White House did not respond to requests for comment. The new mandate has sparked debate among legal experts and industry insiders. Advocates say the increased oversight will prevent unnecessary harm to individuals and companies under investigation, but critics say it weakens the SEC’s enforcement staff by limiting their ability to act quickly and independently. In previous administrations, the authority to initiate investigations was given to enforcement directors or senior staff. Under Trump’s first term, the SEC needed approval from two enforcement directors to formally initiate an investigation. In contrast, the Biden administration has allowed lower-ranking supervisory attorneys to issue formal orders. While the procedural change does not mean fewer investigations, it does mean Commissioners will be able to exercise greater control over enforcement actions at an earlier stage, which some experts believe could lead to a more industry-friendly regulatory approach. *This is not investment advice. Continue Reading: Extremely Positive Development for Cryptocurrencies at the SEC Passed Quietly – The Offensive Era May Be Over

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