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Key takeaways
- Republican SEC commissioners plan to review crypto enforcement cases and clarify the definition of securities.
- New SEC Chairman Paul Atkins is expected to reverse Gary Gensler’s crackdown, while focusing on fraud accountability.
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Republican SEC commissioners are preparing to review the agency’s crypto policies as President-elect Donald Trump takes office, according to a Reuters report.
Commissioners Hester Peirce and Mark Uyeda are expected to begin reforms as early as next week, focusing on clarifying the classification of crypto asset securities and reviewing enforcement cases.
Sources familiar with the matter indicate that the agency could suspend or withdraw certain litigation not related to fraud.
The policy shift comes as Paul Atkins, Trump’s nominee for SEC chairman, is expected to reverse outgoing Chairman Gary Gensler’s regulatory approach.
Atkins, a former SEC commissioner, is expected to implement more crypto-friendly policies following Senate confirmation.
Peirce and Uyeda, both former Atkins associates, plan to initiate new rules by seeking public and industry input on the classification of crypto tokens.
The SEC launched 83 crypto-related enforcement actions during Gensler’s tenure, targeting companies like Coinbase and Kraken.
The new leadership is expected to repeal accounting guidelines that prevented public companies from holding cryptocurrencies for their clients. Trump has pledged to be a “crypto president” and plans executive orders to reassess crypto regulations.
Legal experts warn of potential challenges. Philip Moustakis notes that rejecting coercive measures or reviewing settled cases could face resistance from the courts.
Robert Cohen, former head of the SEC’s enforcement division, said, “I think the industry wants to see fraudsters or wrongdoers held accountable.” »
Bitcoin approached $100,000 as markets reacted to slowing inflation reflected in the latest CPI report.
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