In a surprising turn of events, President Donald Trump’s administration has decided to downsize the Securities and Exchange Commission’s (SEC) cryptocurrency enforcement unit. This move, it seems, is a nod to Trump’s crypto industry cronies who supported him in the recent U.S. Presidential Elections 2024.
The once mighty Cryptocurrency Enforcement Unit, comprising of over 50 lawyers and staff, was known for its stern regulations on digital assets. However, under the leadership of former chairperson Gary Gensler, it had become a thorn in the side of the crypto industry.
With the recent downsizing, the Trump administration is making good on its promise to promote crypto growth while avoiding excessive regulation. A move that is sure to make the crypto lobbyists sing Trump’s praises.
The New York Times reports that the changes include the transfer of certain crypto enforcement team members to other divisions within the SEC and the “reassignment” of one of its leading lawyers. A move that some might view as a polite way of saying, “you’re fired.”
With the appointment of SEC commissioner Hester Peirce, a known crypto advocate, to lead the team reviewing the SEC’s digital asset strategies, it’s clear that Trump’s SEC is embracing crypto with open arms.
And if that wasn’t enough, Trump has nominated Paul Atkins, a lawyer with strong ties to the crypto industry, to succeed Gensler as SEC chair.
Could this be the beginning of a beautiful friendship between Trump and the crypto industry? Only time will tell.
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2025-02-05 11:01