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Under the Trump administration, the SEC is expected to begin reforming cryptocurrency policy as early as next week. Rumored first steps include reassessing which crypto assets are securities and reducing enforcement actions.
Commissioners Hester Peirce and Mark Uyeda have worked with new Chairman Paul Atkins in the past and are actively planning to work together again as a pro-crypto coalition.
SEC and Its Role in Cryptocurrency Policy
According to one report from Reuters, the SEC is ready to make drastic changes in cryptocurrency policy. Donald Trump’s inauguration is less than a week away, and some experts predict a new surge.
New rumors of pro-crypto executive orders have sent Bitcoin prices soaring, and congressional allies in the industry are making plans of their own:
“Under Gensler, the SEC refuses to provide clarity to the crypto industry. Go ahead, [chúng tôi] will work to develop a regulatory framework that…promotes consumer choice, education and protection [và] facilitate an open environment for new, innovative financial technologies and digital asset products,” declare by Senator Tim Scott.
In other words, the SEC is just one of many parties involved in reforming cryptocurrency policy. To accomplish this, the Commission is preparing for Chairman Gary Gensler to step down on Inauguration Day. Industry advocate Paul Atkins was chosen as replacement, but several current commissioners are already planning their next moves.
Hester Peirce, who has long opposed the SEC’s crypto crackdowns, along with pro-crypto Commissioner Mark Uyeda are considering several options to influence policy.
The two have worked closely with Atkins in the past, and sources have stated that they plan to clarify which crypto assets are legally considered securities. They have not yet commented on other specific changes.
“Trump’s SEC team comes to stir up crypto! Hester Peirce and Mark Uyeda are reviewing ongoing cases—some of which could be frozen if there is no fraud involved. Big move? Promote Bitcoin. Pompliano floated the idea like a national Bitcoin reserve and no capital gains tax on BTC payments,” write Mario Nawfal.
Cryptocurrency Lawsuits May Reduce
One drastic policy change that could take place is for the SEC to significantly reduce attacks on cryptocurrencies. In his final days, Gensler was adamant about maintaining the war on Ripple, even though his efforts may soon collapse.
After he leaves, the SEC may abandon this and “dozens” of other enforcement actions. As TinTucBitcoin previously reported, Trump is expected to sign a pro-cryptocurrency executive order on day one. The order would likely overturn controversial regulation SAB 121, which restricts banks from holding cryptocurrencies.
While courts may not approve this cooling off, there is precedent. Immediately after Trump was elected, the SDNY US Attorney’s Office did not announce that it would reduce cryptocurrency prosecutions.
The district carried out many high-profile financial actions, including the Sam Bankman-Fried case, but still made its mitigation plan public.
In other words, the SEC has many ways to influence US cryptocurrency policy in the short term. Peirce and Uyeda have not signaled any immediate plans other than to classify the assets’ securities status and review enforcements. However, they are looking at this issue carefully.
Between a friendly SEC, Congress and the President, comprehensive changes will be easy to make.
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