Photo: Inc. Magazine
Key Takeaways
- Republican SEC commissioners plan to review crypto enforcement issues and clarify definition of securities.
- Incoming SEC Chairman Paul Atkins is expected to end the crackdown led by Gary Gensler, while focusing on fraud accountability.
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Republican SEC commissioners are preparing to review the agency's crypto policies as President-elect Donald Trump takes office, according to Reuters report.
Commissioners Hester Peirce and Mark Uyeda are expected to begin reforms as early as next week, focusing on clarifying the classification of crypto asset securities and reviewing enforcement issues.
Sources familiar with the matter indicate that the agency may suspend or withdraw some non-fraud lawsuits.
The policy shift comes as Paul Atkins, Trump's nominee for SEC Chairman, is expected to reverse the management style of outgoing Chairman Gary Gensler.
Atkins, a former SEC commissioner, is expected to implement more crypto-friendly policies after Senate confirmation.
Peirce and Uyeda, both former supporters of Atkins, plan to begin new rulemaking by seeking public and industry input on crypto token classification.
The SEC launched 83 crypto-related actions during Gensler's tenure, targeting companies such as Coinbase and Kraken.
The new leadership is expected to suspend accounting guidelines that have restricted public companies from holding crypto for clients. Trump has promised to be a “crypto president” and executive order plans to reassess crypto regulations.
Legal experts warn of potential challenges. Philip Moustakis notes that resisting enforcement actions or reviewing settled cases could face a court.
Robert Cohen, a former official in the SEC's enforcement division, said: “I think the business is to hold fraudsters or criminals accountable.
Bitcoin almost $100,000 as markets reacted to cooling inflation seen in the latest CPI report.
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