Mere weeks after U.S. President Elect Donald Trump assumed office, his administration’s handpicked team at Securities and Exchange Commission (SEC) has decided to decreasing the staff size of its cryptocurrency enforcement unit, a move seen as Trump supporting his crypto industry lobbyists who backed him in the recently concluded U.S. Presidential Elections 2024.
According to media reports, the Cryptocurrency Enforcement Unit of U.S. S.E.C. had earlier comprised of over 50 lawyers and staff committed to regulating digital assets of companies or investors in the U.S. Of late, the SEC under the leadership of former chairperson Gary Gensler had come under intense criticism for its harsh stance on regulations in the crypto industry.
The recent downsizing of a supposedly “anti-crypto business” enforcement unit, marks one of the first tangible actions by the President Trump administration to roll back strict regulations on cryptocurrencies and other digital assets. Trump had promised during his election campaign, that his administration will aim to advance the growth of crypto while preventing excessive regulation, and even signed an executive order days after he was sworn in.
As reported by the New York Times, the main changes include the transfer of certain members of the crypto enforcement team to other different divisions within the SEC. And it has also, changed one of its leading lawyer from the enforcement division, which some may view as firing.
It is noted that the currently appointed SEC chair Mr. Mark T. Uyeda, has accepted a more crypto-friendly approach, making major changes to the agency’s leadership. He has also created a team to review the SEC’s strategies concerning the digital assets. This team is led by, an SEC commissioner Hester Peirce who is a known crypto advocate.
However, this time, Trump has nominated Paul Atkins, a lawyer with strong ties to the crypto industry, to succeed Gensler as SEC chair.
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