SEC Chairman Gary Gensler reflected on his tenure at the annual meeting and expressed his gratitude to his team. On the other hand, if Trump is elected as the next President of the United States, how will the new SEC Chairman change the regulatory policy on cryptocurrency? This article originates from WilmerHale's article, organized and compiled by Bitpush. (Previous summary: 18 U.S. states jointly sued the SEC: unconstitutional overreach and unfair attack on the cryptocurrency industry) (Background supplement: Countdown to Gary Gensler's resignation) Trump hinted that he would "adjourn the session to appoint" a new SEC chairman, bypassing the Senate personnel review) On November 14, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), delivered a speech at the 56th Annual Securities Regulation Conference of the Lawyers Association and reviewed his experience leading the agency team. He said: "I am deeply honored to work with them, serve people and ensure that our capital markets continue to be among the best in the world... I am proud to join my colleagues at the Securities and Exchange Commission as we work day in and day out to protect American Families in Financial Markets." It was very much a farewell public speech. Some sources said Gensler may resign, as other SEC leaders have done in the past. However, he may decide to remain a commissioner. After Trump’s election… Given Trump’s campaign promise to create a pro-cryptocurrency government, his election as president could have a significant impact on the cryptocurrency industry. Trump will be able to appoint a new SEC chairman who may decide to take a different approach to cryptocurrencies than under current Chairman Gary Gensler. Under Gensler, the SEC has brought multiple enforcement actions against members of the crypto industry alleging violations of federal securities laws, including solely for failing to register as a broker-dealer under the Securities Exchange Act of 1934 ((Exchange Act)) , clearing agency or national securities exchange. However, the SEC has not yet proposed rules specific to crypto-assets, instead suggesting that current statutory and regulatory requirements could apply to crypto-assets. Crypto industry players disagree and reported that their attempts to engage with the SEC on crypto-related issues have been unsuccessful. However, with the impending appointment of a new SEC Chairman, this approach may change, so members of the crypto industry should begin preparing to engage with the SEC once new leadership is confirmed. Under new leadership, the SEC could take a number of different approaches, including: Suspension of enforcement actions solely for registration violations: The SEC has taken multiple enforcement actions against cryptocurrency companies solely for violations of the (Securities Act) or (Exchange Act) ) without any allegation of fraud or other misconduct. The new SEC leadership is likely to put a hold on further enforcement actions solely targeting registration violations until a clear framework is developed to regulate crypto-assets and crypto-asset trading intermediaries. Release of latest guidance on determining when crypto-assets are sold as securities: More than five years have passed since SEC staff released the “Digital Asset ‘Investment Contract’ Analytical Framework,” which describes digital assets as “investment contracts.” ” (hence a security) is offered and sold. Since then, the crypto industry has undergone significant changes. For example, many crypto projects have matured and become more decentralized, and proof-of-stake consensus has become common. However, the SEC has not yet released additional guidance. The SEC could update the framework to take into account changes in the industry over the past five years and explain why certain cryptoassets, such as Bitcoin and Ethereum, are not offered and sold as securities. The new guidance could also address asset-backed stablecoins, which are now one of the most prominent uses for cryptoassets. Propose crypto rules: The SEC could propose tailor-made rules that take into account the differences between crypto assets and traditional securities. To date, the SEC has largely refused to acknowledge the differences between crypto and traditional securities in its rulemaking, despite dissent and legal challenges from industry members. Instead, the SEC pursued securities rules broadly and noted in both proposed and adopted versions that these rules would also apply to “cryptoasset securities.” In some cases, these rules were finalized because industry members were concerned about their application to cryptoassets and whether the SEC was complying (Administrative Procedures Act). Use of its Waivers: The SEC can use the general immunity granted by Congress under Section 28 of the Securities Act13 and Section 36 of the Exchange Act14 to provide tailored relief from the requirements of those Acts, which may Challenges arise for crypto market participants due to the differences between crypto assets and traditional securities. The SEC could also release additional no-action positions that would deny enforcement action against companies engaging in certain crypto-asset activities as a temporary stopgap measure until crypto-specific rules can be proposed or adopted. Updated Special Purpose Broker-Dealer Announcement: The SEC may update its 2020 temporary no-action position to enable “special purpose broker-dealers” to perform trading and custody functions for “digital asset securities,” making it more appropriate for today’s crypto industry , and extending the February 2026 deadline. Currently, there are only two registered special purpose broker-dealers, and the scope of activities they are allowed to conduct and the assets they are allowed to conduct these activities on remain unclear due to a lack of guidance from the SEC on key issues, such as when crypto-assets are offered as securities. and for sale. An update may make this guidance more effective. With Republicans controlling the Senate and House of Representatives, Congress may also have a chance to pass cryptocurrency legislation. However, even so, the SEC may still play a role in cryptocurrency regulation. The recent passage of the 21st Century Financial Innovation and Technology Act and the Lummis-Gillibrand Responsible Financial Innovation Act in the House of Representatives with bipartisan support have opened up space for the SEC and the Commodity Futures Trading Commission to regulate digital assets. Therefore, it is a top priority for cryptocurrency market participants to consider discussing these related topics with the new SEC administration. Given the Trump campaign’s focus on cryptocurrencies, the SEC may take a different approach to cryptocurrencies, and market participants should be prepared. Engage with new SEC leadership so that industry perspectives are considered. Related reports: An important promoter of decrypting Bitcoin in El Salvador: Jesse Knutson, director of operations of Bitfinex Securities, will attend a lecture in Taiwan. Countdown to Gary Gensler’s resignation) Coinbase Attorney General: The new SEC chairman will significantly reduce encryption enforcement. CZ will fight back against the SEC after being released from prison! Lawyers for Binance want the court to dismiss the lawsuit: Why are all crypto assets securities? "Gary Gensler gave a farewell speech? What encryption regulatory policies will the SEC adopt under Trump 2.0?" This article was first published on BlockTempo (the most influential blockchain news media).

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