President-elect Donald Trump’s pick for Chair of the U.S. Securities and Exchange Commission (SEC) is set to bring significant changes to the agency’s approach towards cryptocurrencies. According to reports, former SEC Commissioner Paul Atkins is expected to take over the position and shift the agency’s stance on digital assets.
Atkins is likely to reverse the government’s crackdown on the crypto industry, a move that contrasts with the actions taken by outgoing SEC Chair Gary Gensler. During Gensler’s tenure, the SEC filed several lawsuits against major crypto companies like Coinbase, Kraken, Ripple Labs, and Consensys.
With Gensler stepping down before Trump’s inauguration on January 20th, pro-crypto Commissioners Mark Uyeda and Hester Pierce are expected to initiate the process of revising the SEC’s crypto policies. They plan to establish clear guidelines on how the agency views cryptocurrencies, particularly in terms of whether they are classified as securities or not.
Sources suggest that under the new leadership, the SEC will review its lawsuits against crypto firms and halt those that do not involve fraudulent activities. This move, described as unprecedented by legal experts, aims to bring more clarity and fairness to the regulatory environment surrounding digital assets.
While the SEC’s approach may shift towards a more favorable stance on cryptocurrencies, the agency remains committed to tackling fraud within the industry. Former SEC enforcement division employee Robert Cohen emphasized the importance of holding wrongdoers accountable, signaling that the agency will continue to crack down on fraudulent activities in the crypto space.
As the SEC prepares for a new era under Atkins’ leadership, the crypto community awaits further developments on how the agency will navigate the complex regulatory landscape surrounding digital assets. Stay tuned for updates on the SEC’s evolving approach to cryptocurrencies in the coming months.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook, and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney