During his campaign, Republican President-elect Donald Trump promised to ease up on crypto enforcement. As Trump resets policy at the Justice Department and regulatory agencies, current and former government lawyers have said that this will happen. Though crypto fraud cases won’t get a free pass, they would no longer be a priority either.
The focus of government agencies and departments is likely to shift to areas like immigration law enforcement, another one of Trump’s campaign promises. Scott Hartman, co-chief of the securities and commodities task force at the U.S. Attorney’s Office in Manhattan, said that his office will dedicate fewer resources toward crypto-related crimes, meaning fewer prosecutors will be working on crypto cases than in 2022.
Partner at law firm Sullivan & Cromwell, Steve Pelkin, said that there could be a reallocation of substantial resources to immigration enforcement. Trump’s campaign promises also included firing Gary Gensler, the current SEC chair, but it is uncertain if this will happen. The SEC is currently involved in litigation with crypto firms like Coinbase and Binance, but it is unclear if these cases will continue if there is a change in leadership.
The Commodity Futures Trading Commission (CFTC) is also likely to follow suit and realign priorities.
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