Five people with the knowledge of this problem stated that the Securities and Exchange Commission was moving to reduce the special units of more than 50 lawyers and staff who were concentrated in the introduction of encryption measures. 。
This movement is one of the first specific steps by President Trump and his administration, regulations on cryptocurrencies and other digital assets. One of Mr. Trump’s first presidential order was to promote the growth of cipher and to “eliminate too much regulations on digital assets.”
Some of the Crypto Unit lawyers have been assigned to other departments of SEC. One of the top lawyers in the unit moved from the execution department. Some of the people who explained shake -up said that the movement was unfair.
SEC’s spokesman refused to comment.
Mr. Trump, once a cryptocurrency critic, welcomed the Crypto community who accepted digital assets during the presidential election in 2024 and began to see Gary Genzler, the previous chair of SEC, as No. 1 Nemesis. I did.
Mark T. Ueda, the chairman of the committee, is a Republican member who tends to support the cryptographic industry. He has appointed a number of appointments with other top jobs at a SEC that employs more than 1,000 lawyers.
One of the first Uyeda did was to establish a team to review a SEC approach to deal with digital assets. Task Force is led by Hester Perth, a SEC member and a frank encryption supporter.
In a position paper released on a SEC website on Tuesday, Persmark had a problem with the past approach of the committee and compared it into a car running through the road.
“The handling of committee encryption is marked by legal incorrectness and commercial integrity,” says Perth. She stated that the goal of taskforce was to come up with a regulation framework that enabled people to “experiment and build interesting things” instead of the “scammer’s heaven”. 。
It is unknown how the Crypto unit downsizing will affect the execution measures during pending. One more prominent lawsuit was submitted to Coinbase in 2023 and operated as a non -registered exchange, and was charged by the Crypto Platform in violation of the Federal Securities Law.
The Coinbase case is a test of Gensler, who is a securities contract and is subject to SEC monitoring, and is in a position where Coinbase and Crypto industry are declared.
Corey Frayer, who has recently left an agency, is a senior adviser on Crypto’s issue: In the world. “”
The SEC cryptographic units were created during the first Trump administration in 2017, but have expanded significantly during Gensler’s employment. In May 2022, the agency announced that the team size was doubled to 50 dedicated positions almost doubled. This unit said, “We have brought more than 80 execution measures related to platforms and platforms. In recent aggregates, more than 100 acts related to the Biden administration have taken more than 100. It has been shown to have brought.
Trump has appointed Jenceler, Paul Atkins, who has a close relationship with the cryptographic industry. Atkins, who was a SEC commissioner under President George W. Bush, has supported a lighter approach to regulations and executions. The Senate Bank Commission has not yet scheduled the date of confirmation.
Since Trump’s victory, encrypted companies have mobilized and punished them for SEC officials who filed legal lawsuit. Coinbase’s highest executive, Brian Armstrong, stated in social media that his company would not cooperate with a law firm who hired a senior SEC staff involved in cryptography.
Jensler, who left the SEC on the day of Trump, joined the Massachusetts Institute of Technology and taught him before Joseph R. Videen Jr. tapped him.
After the announcement, Tyler Wink Levos, one of the founders of Gemini Crypto Exchart, said his company would not even hire MIT graduates.
Alaidelaquérière has contributed to the research.
