Could Trump’s Win Shake Up the Crypto World? A Dive into the SEC Showdown

In a move that could turn the crypto world on its head, a prominent crypto lawyer suggests that a Donald Trump victory in the upcoming presidential election might spell the end for several SEC lawsuits against the industry. James Murphy, or "MetaLawMan" as he's known in the crypto community, has warned against settling any ongoing cases with the current SEC, urging firms to wait until after the election. Murphy anticipates a dramatic shift in the SEC's stance if Trump takes office, pointing to Trump's recent overtures to the crypto sector.

Over the past month, Trump has cast himself as the savior of the crypto industry. He has vowed to make the U.S. a leader in the field and promised to commute the life sentence of Silk Road founder Ross Ulbricht. Yet, not everyone is buying it. Critics like Adam Cochran of Cinneamhain Ventures argue that Trump’s track record of broken promises suggests he is simply pandering for votes. Alexander Blume from Two Prime hedge fund agrees, emphasizing Trump's history of making and breaking promises for personal gain.

PolitiFact's analysis of Trump's 2016 campaign reveals a pattern: out of 102 promises, he broke more than half, compromised on 23, and fully kept only 24. Despite these numbers, some in the crypto space are willing to give Trump a second chance. Mike Dudas, founder of The Block and now a venture capitalist, admits that although he strongly dislikes Trump, the candidate's promises could benefit his family and business.

Adding to the complexity, Trump has previously been a vocal critic of cryptocurrencies. In 2019, he declared himself "not a fan of Bitcoin and other cryptocurrencies," calling them "based on thin air." In 2021, he labeled crypto as potentially "fake" and "a disaster waiting to happen." Yet, crypto lawyer Gabriel Shapiro contends that Trump's past remarks are insignificant compared to what he describes as the Biden administration's relentless crackdown on the industry.