As US President-elect Donald Trump’s Jan 20 inauguration approaches, many have anticipated the views of the incoming SEC on crypto regulations. The latest disclosures appear to favor crypto enthusiasts.
Sources reveal that Trump plans to issue several executive orders to usher in new pro-crypto policies in the US. The president-elect has pledged to make the US the crypto capital of the planet. He will start by developing a strategic Bitcoin reserve.
The SEC’s Republican commissioners are preparing to overhaul the agency’s crypto policies, with reforms set to begin early next week. The incoming administration will mark a stark departure from outgoing SEC Chair Gary Gensler’s aggressive stance on crypto adoption in the US.
According to David Sacks, Trump’s appointee for AI and crypto policy, the new policies will reverse the SEC’s rule requiring banks to classify digital assets as liabilities on their balance sheets.
Republican commissioners Hester Peirce and Mark Uyeda will also herald the new approach to crypto by clarifying when cryptocurrencies are classified as securities and reviewing current enforcement cases that are non-fraudulent.
Trump’s Day One Crypto-Centric Plans
Speaking at the Bitcoin 2024 conference last July, Trump promised to fire the US SEC’s Chair, Gary Gensler, on his first day in office. Although Gary Gensler’s term extends to June 2026, Trump already nominated Paul Atkins to head the Securities and Exchange Commission upon entering office. Paul Atkins, a former SEC commissioner, will lead the implementation of new crypto-friendly policies.
While the President-elect aims to bring a pro-crypto SEC chair on board, the commission leader reserves the ultimate authority on crypto regulations. Currently, a bill is being passed in the Senate to refine the SEC and CFTC’s roles over digital assets like cryptocurrencies. Until the bill is passed, the US crypto population can only hope that the incoming SEC chair will work with the president-elect’s crypto plans.
Paul Atkins has previously criticized Gary Gensler’s tough stance on crypto. He is prompting expectations that the new chair, if confirmed by the Senate, will bring much-needed crypto reforms.
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