The SEC Under Trump Could Have a Significant Impact on Crypto Regulations in the US
The relationship between the U.S. Securities and Exchange Commission and the digital asset industry has been tumultuous for years. However, there may be a change on the horizon. In a recent meeting, the Digital Chamber’s Token Alliance met with SEC staffers for Commissioners Hester Peirce and Mark Uyeda to discuss the 2025 SEC Digital Asset Policy Priorities. The regulatory landscape for crypto in the US has always been unclear. Could this meeting signal the beginning of a more transparent and collaborative era?
Hinman Speech Critique
One key focus of the discussion was the controversial 2018 Hinman speech. The SEC’s Corporation Finance division has made it a priority to address concerns related to this speech. It has been criticized for creating confusion, particularly regarding the application of the Howey Test to determine whether an asset is a security. Critics argue that the speech led to market uncertainty and perceptions of favoritism, ultimately dividing the industry into “winners” and “losers,” which compromises transparency and fairness.
Removing the impact of such informal guidance is considered crucial. Experts recommend that the SEC rely on clear, formal rulemaking and no-action letters to provide clear compliance pathways for crypto firms.
Building Trust with New Leadership
The meeting also highlighted the Token Alliance’s vision for the SEC under the upcoming administration of President-elect Donald Trump. Paul Atkins, Trump’s pick for SEC Chair, is seen as a pro-crypto figure with extensive experience. Commissioners Peirce and Uyeda, who have been critical of the SEC’s aggressive stance on crypto enforcement, could play a role in this potential reset.
The Digital Chamber’s agenda for the SEC’s initial 90 days includes bold actions such as reviewing ongoing investigations, halting cases that lack evidence of fraud, and rescinding confusing guidance like SAB 121. They also suggest withdrawing proposed amendments aimed at redefining “exchange” to encompass decentralized finance (DeFi) protocols.
One of the main objectives is to move away from enforcement-focused regulation. The request is for the SEC to promote transparency and collaboration, which could spur innovation in the digital asset space.
What to Expect
The Token Alliance is optimistic about the potential impact of the SEC’s new leadership. Improving the relationship between the SEC and the digital asset industry could lead to clearer crypto regulations in the US, fostering innovation and enhancing trust. By emphasizing fairness and transparency, this could be the fresh start that the industry has been anticipating.
Will these efforts yield positive results? Only time will tell.
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