Following Gensler’s Resignation and the Trump Administration, the SEC’s Cryptocurrency Stance is Projected to Change: What’s the Status of the Crypto Lawsuits?
The post Following Gensler’s Resignation and the Trump Administration, the SEC’s Cryptocurrency Stance is Projected to Change: What’s the Status of the Crypto Lawsuits? appeared on BitcoinEthereumNews.com.
The U.S. Securities and Exchange Commission (SEC) is on the verge of a major transformation following the resignation of Chairman Gary Gensler. As a new administration prepares to take office, President-elect Donald Trump has nominated cryptocurrency-friendly former regulator Paul Atkins to lead the SEC, signaling a shift in the agency’s priorities. In early December, Trump announced Atkins’ candidacy via a post on Truth Social, praising her understanding of crypto and innovation as key to “Making America Greater Than Ever.” Atkins, who served as SEC commissioner under President George W. Bush from 2002 to 2008, brings experience from her role on the board of advisors to The Digital Chamber, which she joined in 2020. “Atkins really understands crypto,” Proof of Stake Alliance (POSA) executive director Alison Mangiero said in an interview. “We’re going to see an SEC that clearly has different priorities than Gensler’s SEC,” she said, noting the potential for a sharp departure from Gensler’s approach. Gensler and Democratic Commissioner Jaime Lizárraga announced their resignations in late November, leaving three Republican commissioners (Mark Uyeda, Hester Peirce and soon-to-be Atkins) at the helm of the SEC. However, the agency’s makeup will change again as the Biden administration will be required by legal requirements to nominate a commissioner from a different political party. Teresa Goody Guillén, a partner at BakerHostetler and former SEC litigation counsel, explained that the new appointee could be from any non-Republican party, such as a Democrat, Libertarian or independent. “While Atkins’ confirmation is expected to expedite the nomination process for the next commissioner, this appointment will likely compete with other prioritized presidential appointments,” Guillén said. Gensler, whose resignation takes effect the day Trump is inaugurated, has faced criticism from the crypto industry for his aggressive enforcement approach. During his tenure, he has argued that most cryptocurrencies qualify as…
Filed under: News - @ December 26, 2024 5:25 pm