The SEC is taking a giant leap back in its crypto enforcement efforts. According to recent reports, the commission is reassigning over 50 lawyers and staff members who were working on crypto-related cases. This marks a significant shift in the federal approach to digital asset regulation under President Trump’s administration.
This downsizing follows an executive order from President Trump to drive the growth of digital assets by reducing regulatory constraints. As part of this move, several lawyers from the crypto unit are being reassigned to different departments within the SEC. Some insiders are reportedly viewing these measures as an unjust demotion.
SEC is Scaling Back on Crypto Enforcement 🔬
The reassignment of staff raises questions about the future of the SEC’s high-profile cases, including its long-standing lawsuit against Ripple. Although the lawsuit was recently removed from the SEC’s website, it has not been officially dismissed. So, there’s still room for speculation.
Acting SEC Chairman Mark Uyeda has established a task force to review the agency’s strategy on digital assets. This team is led by Commissioner Hester Peirce, who is known for her strong support of crypto initiatives. Earlier today, Peirce announced that the new Crypto Task Force will focus on re-evaluating asset classifications and shifting certain enforcement responsibilities outside of the SEC’s direct oversight. However, it will still maintain strict measures against fraudulent activities.
In a related development, White House Crypto Czar David Sacks, alongside Senate leaders, held a press conference outlining the priorities of the newly created Digital Assets Working Group. Sacks highlighted that the group’s main objective is to explore the establishment of a national Bitcoin reserve. Currently, 15 states are considering adopting Bitcoin as a strategic reserve asset. A new stablecoin bill is also being presented to Congress.
Overall, the new SEC and the US government are taking several big steps towards regulatory clarity for the industry.
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2025-02-05 03:04