Trump Administration 2.0: How the SEC's Approach to Crypto Could Change

Trump Administration 2.0: How the SEC's Approach to Crypto Could Change

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The election of Donald J. Trump as President could have a significant impact on the crypto industry given his campaign promise of a pro-crypto administration. President Trump will be able to appoint a new chair of the Securities and Exchange Commission (SEC) who could decide to take a different approach to crypto than has been taken under the leadership of the current chair, Gary Gensler. Under current leadership, the SEC has brought numerous enforcement actions against crypto industry members alleging violations of the federal securities laws, including actions solely for failing to register as a broker-dealer, clearing agency or national securities exchange under the Securities Exchange Act of 1934. By contrast, the SEC has not proposed rules tailored to crypto assets, instead suggesting that current statutory and regulatory requirements can be applied to crypto assets. Crypto industry members have disagreed and have reported that their attempts to engage with the SEC on crypto-related issues have been unsuccessful. However, with the upcoming appointment of a new SEC chair, this approach could change, so members of the crypto industry should start preparing to engage with the SEC once new leadership is confirmed.

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