Federal officials stated that so -called memecoins would not have been subject to strict supervision.
A series of investigations into large cryptocurrency companies were stopped.
And the Securities and Exchange Commission agreed to pause a fraud case against a top crypto entrepreneur.
Just over a month since President Trump's inauguration, American regulators have almost completely a year of government failure on the crypto industry, a volatile sector that satisfies full fraud, scams and theft.
Regulators follow campaign blows that Mr Trump did last year, while he housed donations of deep pocket-crypto investors and brought his own digital currency to the market.
But few in the crypto industry expected to achieve so many victories so quickly.
Last week the SEC voted in his lawsuit against Coinbase, the largest crypto company in the United States. Subsequently, top managers of the crypto firms Gemini, OpenSea and Uniswap Labs announced that the agency had stopped his research into their companies. A director of another large crypto company, Consensys, said on Thursday that the SEC had agreed to withdraw a lawsuit aimed at one of the company's popular products.
“This marks another milestone until the end of the war against Crypto,” wrote Cameron Winklevoss, a founder of Gemini, Wednesday on X. “I am happy that I am playing the page here.”
The legal movements of quick fire came down to an amazing reversal by supervisors who are usually careful, reluctant to leave the current lawsuits. Case per case, the SEC supports an ambitious legal campaign, led by the Biden Administration, to classify almost all digital coins as effects – and to subject them to the same strict rules that rule shares and bonds on Wall Street.
The reversal “fragments the credibility, integrity and reputation of the SEC and sends the message that it is a political organization that acts on the basis of the most recent elections,” said Dennis Kelleher, the president of Better Markets, a non -profit organization that urges a strong regulation.
Some actions of the agency are ready to directly benefit Mr Trump or his business partners, creating conflicts of interest with little precedent in American history, according to government ethics experts.
That was clear on Thursday when the SEC said that it would not exercise regulatory authority on Memecoins, a risky type of cryptocurrency linked to a celebrity or an online joke. Days before his inauguration, Mr. Trump had made his own memecoin, $ Trump, who generated tens of millions of dollars for his family and his partners.
This week the SEC also asked a federal judge to pause an important fraud case against the crypto entrepreneur Justin Sun, who invested tens of millions of dollars in one of the Crypto companies of the Trump family, World Liberty Financial. The court has allowed the request.
A representative for Mr. Sun refused to comment. Mark Uyeda, the acting chairman of the SEC, said on Thursday in a statement that the agency “had to remedy its approach and to develop crypto policy in a more transparent way.”
Under the Biden administration, the Enforcement campaign of the SEC was led by its chairman, Gary Gender, who became an enemy of the crypto industry. Mr. Gensler has submitted lawsuits against a whole series of top companies, including the Crypto challenge Coinbase, Binance and Kraken.
Mr. Trump promised to put an end to that hard performance. To replace Mr Gensler in the SEC, he nominated Paul Atkins, a securities lawyer with narrow ties with the crypto industry. He also tapped David Sacks, a venture investor and crypto -enthusiastic, to serve as “White House AI and Crypto Tsar.”
In his first week in office, Mr Trump signed an executive order that laid the foundation for a revision for the federal crypto regulation. Then the sec started to act.
Last week the agency agreed to drop in its lawsuit against Coinbase – a case with the argument that the stock market was not – registered effects on the market – without imposing any financial fine, in a total victory for the company.
In his lawsuit against Binance, the SEC asked for a 60 -day break, referring to efforts to “facilitate the possible solution to this case.” In various other cases, the agency took even more final steps and ended studies into high-profile companies, including Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss.
The most important action of the office this week was undoubtedly Mr. Sun.
The founder of a crypto platform called Tron, Mr. Sun, born in China, is one of the most colorful figures in the crypto world. Last year he spent $ 6.2 million on an experimental artwork – a banana on a wall. He continued to eat the banana.
In 2023, the SEC filed a lawsuit against Mr. Sun and him of it accused fraudulently manipulating the price of his cryptocurrency. “Sun and others used an age -old playbook to mislead and harm investors,” said an official of the office at the time. Mr. Sun denied the allegations.
Mr. Sun is close to the inner circle of Mr. Become Trump. Last year he spent $ 30 million to buy a cryptocurrency released by World Liberty Financial, who Mr. Trump and his sons have promoted heavily.
Now Mr. Sun seems close to solving his legal problems in the United States. In a court service on Wednesday, the SEC asked for a break in the case, because both parties 'consider a possible resolution'.
