Ah, the grand spectacle of the US Securities and Exchange Commission (SEC)! Under the new regime of President Donald Trump, whispers abound that this illustrious body might just toss aside some of its enforcement cases against our dear crypto firms. What a delightful thought! 🎭
As of the 24th of February, in the past week alone, the commission’s crypto task force, a merry band of regulators, has convened with various representatives and industry leaders to discuss matters “related to regulation of crypto assets.” This task force, birthed on the 21st of January and led by the ever-astute Commissioner Hester Peirce, has met with the Crypto Council for Innovation, the infrastructure provider Zero Hash, the crypto investment firm Paradigm Operations, and the illustrious Michael Saylor, who surely has much wisdom to impart. 🧐
All these fine firms and individuals have presented documents suggesting that the SEC reconsider its previous stance that many cryptocurrencies are indeed securities under its watchful eye. The commission, with a plethora of pending enforcement actions—most of which were filed under the watch of the former Chair Gary Gensler—has even dropped investigations into Robinhood Crypto and OpenSea. Perhaps they will also choose to end the case against the crypto exchange Coinbase? One can only hope! 🤷♂️
These meetings follow similar discussions with the Blockchain Association, Jito Labs, Multicoin Capital, and other such illustrious entities. Yet, the question remains: will the commission forge a new regulatory path under the acting chair Mark Uyeda, or will they bide their time until the Senate confirms a new head for the agency—rumored to be the former commissioner Paul Atkins? The suspense is palpable! 🎩
In a statement on the 21st of February, titled ‘There Must Be Some Way Out of Here,’ Peirce has called for public input regarding a regulatory framework for crypto, which “may not itself be a security.” A regulatory sandbox, she suggests, to address jurisdictional issues—how quaint! 🏖️
‘Crypto-friendly’ SEC or merely a puppet of the industry?
With no Senate-confirmed SEC chair and the task force still in its infancy, the agency appears to be leaning towards regulatory and legal paths that favor the industry. This apparent shift comes under a President who campaigned to dismantle regulatory barriers and even launched his own memecoin just days before taking office. What a show! 🎉
On the 19th of February, the commission sought a court’s permission to voluntarily dismiss its appeal blocking a rather controversial broker-dealer rule affecting some crypto firms. This appeal was filed before Gensler took his leave from the SEC. How convenient! 😏
As of the 24th of February, the Senate Banking Committee has yet to set a hearing date to discuss Atkins’ nomination to lead the SEC. Meanwhile, other nominations from Trump have been sailing through, primarily along party lines, including hedge fund manager Scott Bessent as Treasury Secretary. What a delightful game of politics we have here! 🎭
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2025-02-24 22:25