As the new landscape of President Donald Trump begins to take root, the U.S. Securities and Exchange Commission has cut back on its crypto enforcement unit. More than 50 attorneys and staff focused solely on digital assets have been reassigned.
A Tuesday report said that several members of crypto have been moved to different departments in the agency. Reporting By: It is important to note that the word “you” means “you”. New York TimesThis article quoted several anonymous sources.
At least one senior lawyer was removed from the enforcement division altogether—a move some insiders described as an “unfair demotion,” The report.
This crypto unit revamp is a part of Trump’s administration efforts to curb government interference in digital assets. Trump pledged to reduce regulatory oversight of the crypto sector during his presidential campaign, and to make the U.S. the global leader in digital currencies.
Although the SEC does not currently respond to any requests for comment from Decrypt Hester Peirce has made a major shift regarding the priorities of the Agency. She is now the leader of the newly-formed crypto taskforce.
Peirce has been a proponent of more clear crypto guidelines for many years. Blasted SEC’s previous regulatory approach The following is a statement by the spokesperson Calling it Tuesday “marked by legal imprecision and commercial impracticality.”
The industry affectionately calls it “Crypto Mom,” Peirce said that the treatment digital assets received by Peirce’s agency in the past was similar to “a car careening down the road” The government has promised to implement a framework that is more balanced.
This staff reassignment has also raised questions regarding ongoing SEC suits against large crypto firms including Coinbase. The SEC sued In 2023, the exchange will be accused of operating as a securities platform that is not registered.
The case served as a litmus for Gary Gensler, former Chair of the SEC. He claimed that cryptos are securities.
Many industry leaders reacted during Gensler’s term, accusing SEC officials of an attempt to manipulate the market. “unlawfully kill” The crypto industry is refusing to offer clear regulatory guidelines.
Trump’s administration is aiming to change the rules on cryptocurrency in a broader way, and the SEC overhaul is only one part of that effort.
This month the agency Scrapped Staff Accounting Bulletin (SAB) No. Staff Accounting Bulletin no.
Peirce was among the critics who said that this rule burdened bankers unfairly and prevented them from adopting digital assets.
The President issued his first executive order in one of its early Executive orders. Establishment a presidential working group on crypto policy and outright banned the creation of a central bank digital currency (CBDC)—a clear rejection of a government-issued “digital dollar.”
Sebastian Sinclair edited the book