The Crypto Battle has Ended, and US Anti-Crypto Opposition is Being Eliminated

The head of crypto litigation at the SEC, a prominent figure last year, is now repairing computers in the IT department.

Author: jk, Odaily Planet Daily

With the change in administration to Trump, top regulators who were anti-crypto in the US are now being phased out. Significant financial regulators such as the SEC, FDIC, and CFTC are experiencing personnel adjustments and policy shifts, indicating a fundamental change in Washington’s regulatory stance. Odaily Planet Daily will delve into the impact of these changes and liquidations on the industry.

SEC: Gary Gensler’s Team Reshuffled, Pro-Crypto Direction

New SEC Official Takes Three Major Actions

Following Trump’s presidency, Gary Gensler resigned, and Mark Uyeda, a pro-crypto figure, assumed the role of acting chairman at the SEC. Under Uyeda’s leadership, the SEC is now requiring high-level approval for investigations involving subpoenas and document requests, a departure from the previous administration’s approach. Uyeda has also formed a new cryptocurrency working group led by Hester Pierce, known as “Crypto Mom,” to provide regulatory clarity and establish a regulatory framework for cryptocurrencies.

The SEC’s supportive stance towards cryptocurrencies is evident on its website, where direct contact information for crypto professionals is provided. Hester Pierce’s proposal for temporary relief for token issuances signals a shift in the SEC’s approach towards the industry.

The Demise of Anti-Crypto Activists

Notably, under Gary Gensler’s tenure, key legal officials resigned, leading to a complete reshuffle in the SEC’s structure. Moreover, Jorge Tenreiro, a former crypto litigation attorney, has been reassigned to the IT division, emphasizing the downsizing of the SEC’s crypto enforcement division.

FDIC: Regulatory Hostility Diminishing

Reevaluation of Banking Services for the Crypto Industry

Historically, the FDIC’s regulatory stance posed challenges for the crypto industry in accessing traditional banking services. However, the recent change in the FDIC’s approach under Trump’s administration aims to reevaluate banking services for crypto-related activities. Acting Chairman Travis Hill has criticized the FDIC’s previous approach and is working towards a more inclusive regulatory framework.

FDIC Transition: Embracing Crypto

With the FDIC actively reevaluating its stance, banks may now custody cryptocurrencies with FDIC insurance, signaling a more favorable environment for the crypto industry. The recent transparency measures by the FDIC demonstrate a shift towards supporting crypto businesses and providing regulatory clarity.

CFTC: Focus on Fraud Prevention

Under Acting Chair Caroline Pham, the CFTC’s enforcement division underwent a restructuring to combat fraud effectively and ensure market integrity. The reorganization aims to optimize resource allocation and enhance law enforcement efficiency, aligning with the industry’s evolving needs.

The CFTC’s crackdown on fraud and market manipulation cases signifies a strategic shift towards proactive enforcement rather than reactive measures, benefiting the overall market integrity.

David Sacks: Spearheading Crypto Regulation

At a recent press conference, David Sacks highlighted the US’s commitment to becoming a leader in digital assets and emphasized the need for a clear regulatory framework. He announced upcoming cryptocurrency legislation in collaboration with Congress to address industry uncertainties.

Sacks stressed the importance of retaining crypto businesses within the US for effective regulatory oversight and consumer protection. His proactive approach towards crypto regulation signals a new era of collaboration between the government and the industry.

Overall, the regulatory landscape for cryptocurrencies is undergoing significant transformations, paving the way for a more favorable environment for the industry.

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