President-elect Donald Trump’s new pick for Chair of the U.S. Securities and Exchange Commission (SEC) is reportedly expected to start his tenure by revamping the agency’s crypto policies.
According to a new report by Reuters, three anonymous people who were briefed on the matter say that Trump’s next pick – which is slated to be former SEC Commissioner Paul Atkins – is expected to end the government’s clampdown on the digital assets industry.
If confirmed by the Senate, Atkins will replace Gary Gensler, President Joe Biden’s pick to head the SEC. With Gensler at its helm, the SEC filed numerous high-profile lawsuits against prominent crypto firms, including Coinbase, Kraken, Ripple Labs, and Consensys.
Gensler will resign on January 20th before Trump is inaugurated, and Reuters reports that pro-crypto Commissioners Mark Uyeda and Hester Pierce will “get the ball rolling” in the interim by pushing to create transparent guidelines, such as clarifying whether the SEC considers crypto assets as securities or not.
Two of the sources said that in the first few days of the Trump Administration, the SEC will examine its lawsuits against crypto firms and freeze the ones that do not involve fraud, a move described as “unprecedented” by lawyers.
Robert Cohen, who was previously employed by the SEC’s enforcement division, told Reuters that the SEC’s new leadership would continue to be tough on fraud.
“I think the industry wants to see fraudsters or wrongdoers held accountable.”
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