As a seasoned crypto investor with a keen eye for regulatory trends and a stomach for market volatility, I find myself cautiously optimistic about the potential changes under the new Trump administration. The call for a fresh perspective on federal agencies, particularly the SEC, resonates deeply with me.
If Donald Trump is reelected as President and the Republicans maintain control of the Senate, cryptocurrency companies are prepared to push for a new approach from federal regulatory bodies.
Ripple, a crypto company involved in legal disputes with U.S. regulators, anticipates that the incoming White House administration may bypass court battles regarding digital assets and instead seek changes within relevant government departments, aiming for more favorable policies.
In a recent interview with CryptoMoon, Ripple’s top lawyer, Stuart Alderoty, expressed that while the Securities and Exchange Commission (SEC) is known for being bureaucratic, the real essence lies in its policies and people who shape them. He suggested that by altering some of the leadership within the SEC, there might be a shift towards a more logical approach in their ongoing pursuits.
Paul Grewal, Coinbase’s chief legal officer, made a similar plea after Trump’s win on November 6th. He urged, “Cease lawsuits against cryptocurrency,” he emphasized in a Reddit post. Both Coinbase and Ripple were significant contributors to pro-cryptocurrency candidates during this election.
The calls for a fresh leadership at the SEC resonate with a significant promise made during the Trump era to cryptocurrency supporters: removing the agency’s chair, Gary Gensler, on his first day in office. During Gensler’s tenure, the Commission has taken enforcement actions against numerous crypto companies, primarily due to their digital assets being classified as securities.
Since 2020, Ripple has found itself in a legal dispute with the Securities and Exchange Commission (SEC), as the agency questioned the status of its cryptocurrency, XRP. In May 2023, Ripple’s CEO Brad Garlinghouse stated that they anticipated spending up to $200 million on their defense.
According to Alderoty, the Securities and Exchange Commission (SEC) has spent a significant amount of resources on lawsuits related to their stance that certain cryptocurrencies are securities and should be registered with them. He argues that this is not a matter for the courts, but rather a policy or legislative issue.
Commissioner Hester Peirce is rumored as a potential candidate for the role, given her reputation. Known as “Crypto Mom” due to her supportive stance towards cryptocurrencies and her public criticisms of regulatory actions, she could be a strong contender.
Despite the uncertainty about who will lead the SEC in the future, Chairman Gensler has suggested that a new era for the agency is on the horizon. As he explained to The Wall Street Journal, “It’s typically the president who gets to choose who heads the SEC, and that’s a key aspect of our democratic system.
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2024-11-14 01:13