SEC abandons its largest cryptocurrencies

In July, along the campaign path, Trump promised a crowd of bitcoin Fire previous chairman of SEC Gary Genler If selected. “I didn’t know it was that Unpopular, “Trump said, citing the delightful answer to the crowd of promise. In November, after Trump won the election, the crypto industry came to Help manually select the nominee to replace Gensler, landing of Paul Atkins, a former SEC commissioner who has express the opinion that cryptocurrencies have been treated unfairly in the United States. (Atkins so far remains aside, in anticipation of confirmation.)

The argument refined by the crypto industry has been subjected to unlawful lawsuits by a politically motivated regulator-he has probably hit a chord with Trump, says Anthony Skaraci, founder of crypto-focused investment company Skybrid Capital and former Director of Trump Communications. “Trump is a big believer in the law,” Scamuchi says. “If you go to Trump, saying you are a victim of legal … He will handle it.”

According to Stand with Crypto, a non -profit purpose that insists on the ordered cryptocurrency in the US, More than 250 representatives of pro-crypto were elected in the Congress in 2024. The crypto industry claims that scalps in races in which it invested the most: in Ohio, the current democratic Senator Sherrod Brown, depicted as archivil The cryptocurrencies were dismissed by Republican Bernie Moreno. Through Defend American Jobs, cryptocurrency consumes more than $ 40 million in support of Moreno.

After witnessing the efficiency of the cryptocurrency for lobbying, politicians concerned about the security of their own places, it is potentially less likely to express opposition to the industry in the future, says Scaramucci, which in turn increases the chances of crypto-specific regulation to get out of place and crypto-focused legislation.

“The Democrats are scared of them,” Scaramuchi says. “You must have a regulatory clarity. You will get this with the Trump administration. You have enough Democrats who will be frightened with (Republicans) to create this. “

Twin sword

The retreat of SEC from his exclusive lawsuits against cryptocurrencies will be received as an early signal for the agency’s intention to work in hand with the industry to come up with a set of rules for managing crypto transactions and products.

This correct book will clear the question at the heart of court cases: which cryptocurrencies should be classified as securities, the specific type of investment product over which SEC has jurisdiction and in what context?

“I think the industry sees regulators ready to work through the table,” says who Garrison, a partner at the law firm Steptoe and a former SEC lawyer. “That’s the difference. Four years ago, the other side of the table was just the hand of application. “

But it is a mistake to interpret the withdrawal of SEC from cases related to cryptocurrencies, such as complete loosening of the strap, Garrison claims. “Sometimes it’s easy to see only the top line,” he says. “The SEC will still be a police potential fraudulent activity within its cryptocurrency jurisdiction.”