The three briefed the matter and said top SEC officials are expected to begin overhauling the agency’s cryptocurrency policy, taking power as early as next week’s President-elect Donald Trump.
In the measure, Commissioners Hester Peirce and Mark Uyeda are weighing the process of execution that will eventually lead to guidance or rule clarification when the agency believes cryptocurrency is secure , and reviewed some crypto law enforcement cases and reviewed two people in court, two of them. explain.
Trump is the crypto-friendly draft pick for Trump is the SEC chairman, and former institutional commissioners are generally expected to end by Biden President Democratic SEC chairman Gary Gary Gensler-led crypto-suppression, but it is unclear when the Senate will confirm him.
Gensler said he will resign on January 20 when Trump is sworn in.
People said that as of next week, Peirce and Uyeda will have a majority of seats in the agency’s politically appointed commissioners and are expected to roll in the interim.
Like Atkins, both are crypto helpers who criticized Gensler’s strong stance in the industry and have surfaced in the past to replace crypto-friendly plans. Peirce and Uyeda were Atkins’ assistants at the SEC from 2002 to 2008, and the three had a good relationship, according to one of the sources and several other former SEC officials. Sources who declined to identify discuss private policy plans said the three have discussed potential crypto policy changes.
Peirce, Atkins and their representatives did not respond to requests for comment. A UYEDA spokesperson did not respond to a request for comment. Agency data shows that Gensler’s SEC has brought at least 83 crypto-related enforcement actions, suing several well-known companies such as Coinbase and Kraken.
In many cases, the SEC believes that crypto tokens behave like securities, and while some people accused of fraud, companies and their products should comply with SEC rules. Two sources said that in the first few days of the new administration, the SEC is expected to begin reviewing these court cases and potentially freeze some lawsuits that do not involve allegations of fraud.
Some of these cases may eventually be withdrawn. Many of these defendants believe that cryptocurrencies are more like commodities than securities, and it is not clear when the SEC rules will apply. They called on the Securities and Exchange Commission (SEC) to write new regulations to clarify when tokens are secure. Peirce and Uyeda are expected to begin at an early stage in the rule-writing process, which could call for industry and public feedback, two sources said.
Reuters and others have previously reported that the SEC may also quickly withdraw accounting guidance, making it expensive for some listed companies to hold crypto tokens on behalf of third parties.
Trump, who is guaranteed to be the “cryptocurrency president”, is also expected to issue an execution order urging regulators to review its cryptocurrency policy, Reuters reported. Bitcoin soared $100,000 (about Rs 8.6 lakh) when it first excited about a new crypto-friendly government in December.
“Responsible”
Nevertheless, even from scratch, it can take months or more to reach an agreement on encryption regulations, which can also address complex enforcement actions regarding security definitions. Philip Moustakis, a partner at Seward & Kissel and former SEC attorney, said that rejecting dozens of enforcement actions would be unprecedented and could set precedents for risk by politicizing the execution process. Other lawyers say the court may object in some cases.
One option for the agency is to reopen settlement negotiations, said Robert Cohen, a partner at Davis Polk. Settlement negotiations are aimed at avoiding lengthy and public litigation, which is the norm, but crypto firms say the SEC under Gensler has been reluctant to conduct substantive discussions. Cohen added that the new SEC leadership may continue to be difficult for crypto fraud. “I think the industry wants to see fraudsters or wrongdoing responsible,” he added.
©Tech Word News
(This story has not been edited by Tech Word News’s staff and is automatically generated from the joint feed.)
