President-elect Donald Trump’s new choice as chairman of the US Securities and Exchange Commission (SEC) will reportedly begin his term by revamping the agency’s crypto policy.
According to a new report from Reuters, three anonymous people briefed on the matter say Trump’s next pick – expected to be former SEC Commissioner Paul Atkins – is expected to end the clampdown on the digital asset industry by the government.
If confirmed by the Senate, Atkins will replace Gary Gensler, President Joe Biden’s pick to lead the SEC. With Gensler at the helm, the SEC has filed numerous high-profile lawsuits against prominent crypto companies, including Coinbase, Kraken, Ripple Labs, and Consensys.
Gensler will step down on January 20 before Trump is inaugurated, and Reuters reports that pro-crypto commissioners Mark Uyeda and Hester Pierce will “get the ball rolling” in the meantime by pushing to create transparent guidelines, such as clarifying whether the SEC is considering crypto assets. as effects or not.
Two of the sources said that in the first few days of the Trump administration, the SEC will investigate its lawsuits against crypto companies and freeze those that do not allege fraud, a move described by lawyers as “unprecedented.”
Robert Cohen, who previously worked in the SEC’s enforcement division, told Reuters that the SEC’s new leadership will continue to crack down on fraud.
“I think the industry wants fraudsters and offenders to be held accountable.”
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