Trump Plans Crypto Revival With New SEC Leadership

The U.S. Securities and Exchange Commission (SEC) will implement sweeping changes to its regulatory approach regarding cryptocurrency after President-elect Donald J. Trump is inaugurated next Monday. It is believed Republicans on the Commission will swiftly move to lay the groundwork for regulatory changes ahead of the confirmation of Paul Atkins, Trump’s nominee to serve as chairman of the SEC.

Atkins is slated to replace the current SEC chairman and cryptocurrency opponent, Gary Gensler, who announced his intention to step down once Trump is sworn in. Additionally, Commissioners Hester Peirce and Mark Uyeda, known for their pro-cryptocurrency stance, are anticipated to play key roles in reshaping SEC policies. Both have a history of working with Atkins at the SEC in the early 2000s and are expected to hold a majority among the politically appointed commissioners.

Transition discussions reportedly include guidance on what instances cryptocurrencies should be classified as securities. The approach under Gensler saw the SEC pursuing enforcement actions against at least 83 crypto-related initiatives, including lawsuits against companies like Kraken and Coinbase. The Commission maintained that many crypto tokens function as securities and should fall under SEC regulations.

After Trump’s inauguration, the agency is expected to re-evaluate ongoing court cases, possibly halting or withdrawing actions that don’t involve fraud. The legal and regulatory review would mark a significant policy shift, as some defendants have argued that cryptocurrencies should be treated as commodities rather than securities.

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