In July, on the campaign track, Trump promised a crowd of Bitcoiners that he would dismiss previous SEC chairman Gary Genler if he were re -elected. 'I didn't know he was That Unpopular, “Trump said, referring to the delightful reaction of the crowd to the promise. In November, after Trump had won the elections, the Crypto industry was given the candidate to replace Gensler, with Paul Atkins landing, a former SEC commissioner who expressed the opinion that crypto companies were treated unfairly in the US. (Atkins remains offside for the time being, awaiting confirmation.)
The argument of the crypto-industry-that the regulator was subject to unlawful lawsuits by a politically motivated lawsuits probably affected a string with Trump, says Anthony Scaramucci, founder of the crypto-oriented investment company Skybridge Capital. “Trump is a strong supporter of Lawfare,” says Scaramucci. “If you go to Trump and say that you are a victim of Lawfare … he goes the side.”
Accordance to stand with crypto, a non-profit pushing for spoke crypto regulation in the US, more than 250 pro-crypto representatives were elected to congress in 2024. The crypto industry Claimed High-Profile Scalps in Races, Incested In Invested In Invested It In Invested It In Invested It In Invested It In Invested It In Invested It In Invested It It In Invested. Sherrod Brown, depicted as an archvillain in crypto circles, was unseated by Republican Bernie Moreno. Through Defend American Jobs, the crypto industry has spent more than $ 40 million to support Moreno.
After witnessing the effectiveness of the lobbying machine of the Crypto, politicians who are concerned about the safety of their own seats in the future are potentially less likely to express opposition to industry, says Scaramucci, which in turn increases the chances that crypto-specific regulation is in place.
“The Democrats have scared life,” says Scaramucci. “You must have the clarity of the regulations. You get that with the Trump administration. You have enough Democrats afraid that the side of [Republicans] To create that. “
A double -edged sword
The retreat of the SEC of its excellent lawsuits against crypto companies will be received as an early signal of the intention of the agency to work poor in arm with industry to think of a number of rules to rule crypto transactions and products.
That rule book will clean up the question in the heart of the lawsuits: which crypto assets must be classified as effects, the specific type of investment product about which the sec jurisdiction has, and in what context?
“I think the industry sees supervisors who are willing to work at the table of them,” says Coy Garrison, a partner at the Steptoe law firm and a former SEC lawyer. “That is the difference. Four years ago, the other side of the table was just the army arm. '
But it is a mistake to interpret the withdrawal of the SEC from the crypto-related matters as a total racing of the belt, Garrison claims. “Sometimes it is easy for people to see only the top rule,” he says. “The SEC is still going to be potential fraudulent activities in its jurisdiction with regard to crypto.”
