[Dan Gallagher as SEC Chairman: Strengthening Cryptocurrency Regulation? 】

The Republican Party may bring a more favorable regulatory environment for the cryptocurrency industry. Former SEC Commissioner Daniel Gallagher said he would promote market access while ensuring the United States remains a leader in financial innovation. Prior to this nomination, Hester Pierce (nicknamed "Crypto Mom") was regarded as a possible successor to the Republican administration. She has a long record of opposition and dissent in most crypto-related SEC actions, making her an ideal candidate.

Former SEC cyber office official John Reed Stark emphasized that if a Republican president is elected, current chairman Gary Gensler may resign and Hester Pierce may become acting chairman. No more than three of the SEC's five commissioners can be from the same political party, which prevents partisan issues. If Republicans take office, expect the SEC’s crypto enforcement efforts to be reduced, likely focusing more on fraud cases rather than charging unregistered trading platforms.

Regulators, including the SEC, are expected to be more willing to approve more spot ETFs, giving investors more choices in financial instruments. The SEC under the current Biden administration is considered biased against cryptocurrencies and has a Democratic majority. Besides Pierce, Mark Uyeda is the SEC’s only other Republican commissioner. Uyeda criticized the SEC’s approach to cryptocurrency disclosure rules, arguing that current Form S-1 filings need to be updated to better facilitate capital formation and protect investors.

Uyeda’s criticism comes after the financial regulator returned the Ethereum ETF’s Form S-1, requesting revisions and directing it to be resubmitted by July 8. This suggests that at least one more round of filings will be required before the Ethereum spot ETF can be listed. Alexander Grieve, head of government affairs at Paradigm, expressed his appreciation for Uyeda’s statement, stressing that it was the first public call for a dedicated disclosure regime for crypto-assets.

The market expects the Ethereum ETF to begin trading on July 4, but the timeline depends on how quickly the SEC reviews and responds to issuer filings. Meanwhile, the SEC continues to crack down on cryptocurrency companies. Binance.US highlighted its lengthy legal battle with regulators and expressed its commitment to compliance while criticizing the SEC’s enforcement tactics.

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