BlockBeats reported on July 20 that according to Bloomberg, the cryptocurrency industry hopes that the upcoming US presidential election will allow someone with a milder attitude towards law enforcement to enter the White House, thus ending the long-standing struggle with Wall Street’s top regulator.
Former President Donald Trump has recently grown close to the cryptocurrency industry, even inviting supporters to a Bitcoin fundraiser on July 27. While the Republican nominee has criticized cryptocurrencies during his time in office, his recent comments have been friendlier — and lawyers expect the U.S. Securities and Exchange Commission (SEC) will stop pursuing the digital asset space so aggressively if he wins.
“The Trump administration will likely seek to reset and rethink the SEC’s cryptocurrency regulatory policy,” said Michael Selig, a partner at Willkie Farr & Gallagher LLP. “Such a reset would naturally involve addressing ongoing enforcement actions and investigations brought forward by the prior administration.”
The SEC has stepped up its pursuit of the industry under President Joe Biden, and the regulator has filed dozens of enforcement cases, often alleging that trading platforms and brokers failed to properly register under securities laws.