A crypto overhaul could be coming much sooner than anticipated, as reports say changes could be seen as early as next week.
On January 20, next Monday, the inauguration of Donald Trump as the 47th president will take place, with all eyes from the crypto community on the businessman-turned-politican.
According to Reuters, three people briefed on the matter say top Republican officials in the U.S. Securities and Exchange Commission are ‘poised to begin overhauling the agency’s cryptocurrency policies…’
In addition to this, two people are quoted as saying “among the measures commissioners Hester Peirce and Mark Uyeda are weighing are initiating the process that would ultimately lead to guidance or rules clarifying when the agency considers a cryptocurrency to be a security, and reviewing some crypto enforcement cases pending in the courts.”
🚨 BREAKING: Trump’s SEC to Revamp Crypto Regulations! 🚨
According to Reuters, Trump’s new SEC could begin overhauling crypto guidelines as early as next week – a potential gamechanger for the industry!
💡 Key Highlights:
👉 Cases without fraud allegations might be frozen.
👉… pic.twitter.com/TLK8aonrH0— MentorX (@realMentorX) January 15, 2025
In previous years, the community has faced a lot of uncertainty, but it’s believed the new SEC chair Paul Atkins could change this. He is a crypto-friendly choice and is widely expected to end a crypto crackdown, but it is not yet known when the Senate will confirm him.
SEC could get ball rolling on crypto overhaul sooner rather than later
In the report, the people said Peirce and Uyeda will hold the majority among the agency’s politically appointed commissioners and are poised to get the ball rolling in the interim.
The duo have previously worked as aides to Paul Atkins when he was at the SEC between 2002 and 2008. One of the sources in the report says the three “have a good relationship.”
The sources, who have declined to be identified discussing private policy plans, suggest the three have already discussed potential crypto overhaul and policy changes.
President Biden’s Democratic SEC chair Gary Gensler brought in at least 83 crypto-related enforcement actions throughout his time in the role. This included using multiple companies in the industry, like Coinbase and Kraken.
Speaking about what will happen in the beginning stages, two sources told Reuters that Peirce and Uyeda are expected to kick off the early stages of a rule-writing process with a call for industry and public feedback.
Featured Image: AI-generated via Ideogram
