Trump’s New SEC Leadership Poised To Start Crypto Overhaul

Trump’s New SEC Leadership Ready To Begin Crypto Overhaul – Reuters

Updated: 15 January 2025

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Top Republican officials at the U.S. Securities and Exchange Commission (SEC) will begin revising cryptocurrency policies as early as next week, immediately after Donald Trump takes office, Reuters reported, citing sources briefed on the matter.

SEC commissioners Hester Peirce and Mark Uyeda are considering the measures that would start the process of creating guidance or rules to clarify when the agency deems a cryptocurrency to be a security, it said. They are also reviewing pending crypto enforcement cases in the courts, and some may be frozen, the story added.

Trump to overhaul crypto policy at SEC and may freeze enforcements – Reuters pic.twitter.com/25VzeNCbpE

— BALU (@balubalucoin) January 15, 2025

Crypto regulations under the Biden administration, characterized by strict oversight, are expected to change with the incoming Trump administration. Led by Paul Atkins, a former agency commissioner and Trump’s nominee for SEC chair, the SEC leadership focus will move towards a crypto-friendly approach.

Gary Gensler, the Democratic SEC chair under President Biden, has announced he will step down on January 20, coinciding with Trump’s inauguration. However, it remains unclear when the Senate will confirm Atkins.

From next week, Peirce and Uyeda will hold a majority among commissioners and are expected to start making changes within crypto, a source says. The same source says the pair is very close to Atkins, supporting him during his time at the SEC from 2002 to 2008.

During Gensler’s time in charge, the SEC took action in over 83 crypto-related enforcement cases, suing major companies like Coinbase and Kraken.

Now, the new SEC leadership is expected to review ongoing court cases and may freeze some litigation not related to fraud. Some cases could eventually be dismissed.

Peirce and Uyeda are expected to begin the rule-writing process, starting with industry and public feedback.

The future president Trump is also expected to issue executive orders directing regulators to reassess their crypto policies, according to Reuters.

However, coming to an agreement on crypto regulations could take months, and some cases may face court objections.

“Dismissing dozens of enforcement actions would be unprecedented, and could set a risky precedent by politicizing the enforcement process,” Philip Moustakis, a partner at Seward & Kissel and former SEC attorney, said in a statement.

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