Crypto Titans Bet On Donald Trump’s Win For SEC Shake-Up
Crypto industry leaders are pushing for Donald Trump's victory in the 2024 elections as they expect a major reform in the SEC thereafter. The agency might take a crypto-friendly turn during the Trump presidency.
As the 2024 US presidential election approaches, crypto leaders are anticipating significant changes in regulatory oversight if Donald Trump returns to the White House. The crypto industry is dissatisfied with the current administration’s stringent approach led by the Securities and Exchange Commission (SEC) under Chair Gary Gensler. This has prompted hopes among crypto advocates that a Trump presidency could usher in a more lenient regulatory environment.
How Donald Trump’s Win Could Reshape Crypto Regulations:-
Michael Selig, a partner at Willkie Farr & Gallagher LLP, suggests that a Trump administration could “reset and rethink the SEC’s crypto regulatory policy.” It could potentially resolve ongoing enforcement actions and investigations initiated during the Biden administration. This sentiment reflects a broader expectation within the crypto community that Trump’s return could lead to a reduction in regulatory pressure.
Under President Joe Biden, the SEC has intensified its scrutiny of the cryptocurrency sector, especially following the collapse of the FTX exchange in late 2022. The regulator has pursued numerous enforcement actions against exchanges and broker-dealers, alleging failures to comply with securities laws.
Gensler has asserted that many cryptocurrencies qualify as securities and should therefore adhere to SEC registration requirements. This position has sparked contention within the industry.
A critical case in point is the SEC’s lawsuit against Ripple Labs Inc., which alleges that Ripple conducted an unregistered securities offering through the sale of XRP tokens, raising over $1.3 billion.
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