Under the new leadership since President Donald Trump took office, many opinions suggest that the US Securities and Exchange Commission (SEC) may withdraw some of the ongoing lawsuits against cryptocurrency companies.
According to the records submitted to the SEC as of February 24, in the past week, the commission's Crypto Task Force has held several meetings with representatives of companies and industry leaders to discuss issues related to regulations on digital assets. Established on January 21 and led by Commissioner Hester Peirce, the task force has met with the Crypto Council for Innovation, infrastructure provider Zero Hash, Paradigm Operations cryptocurrency investment fund, and CEO Michael Saylor.
The participants in the discussions presented documents proposing that the SEC reconsider its previous view that many types of cryptocurrencies fall under its jurisdiction as securities. The SEC is still pursuing several lawsuits against cryptocurrency companies, most of which were initiated under former Chairman Gary Gensler. However, the commission has dropped investigations into Robinhood, OpenSea, and the Coinbase exchange.
Previously, the SEC's task force also held similar discussions with the Blockchain Association, Jito Labs, Multicoin Capital, and many other organizations. It is unclear whether the SEC will adjust its cryptocurrency management policy under the interim leadership of Acting Chairman Mark Uyeda or wait for the US Senate to confirm an official chairman - expected to be former Commissioner Paul Atkins.
In a statement on February 21 titled "There Must Be a Way", Commissioner Hester Peirce called on the public to contribute ideas for a new legal framework for cryptocurrencies, emphasizing that these assets "may not be securities." She also suggested the possibility of the SEC implementing a regulatory sandbox, allowing cryptocurrency projects to operate in a test environment to address legal issues.
Despite the lack of an officially confirmed chairman by the Senate and the task force being established only about a month ago, the SEC is showing a more favorable stance towards the cryptocurrency industry. This change is taking place against the backdrop of former President Donald Trump - who had pledged to eliminate legal barriers to this industry - issuing his own memecoin just days before taking office.
On February 19, the SEC proactively withdrew its appeal regarding the controversial rule for cryptocurrency brokerage firms, an appeal that had been filed before Gensler left the agency.
As of February 24, the US Senate Banking Committee has not yet scheduled a hearing to confirm Paul Atkins as SEC Chairman. Some other Trump nominations, including the appointment of hedge fund manager Scott Bessent as Treasury Secretary, are being considered by the Senate along clear political lines.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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