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The Digital Chamber is calling for the SEC to "reset" its relationship with the crypto sector as Donald Trump prepares to return to the presidency. The advocacy group argues that Trump's crypto-friendly policies could foster transparency and cooperation, addressing regulatory concerns in his first 90 days. They also criticized the SEC's previous regulatory approach under Gary Gensler, advocating for clearer guidelines to help market participants comply with regulations.
A prominent crypto advocacy group is urging the SEC to reassess all crypto-related cases under the incoming Trump administration, anticipating a more cooperative regulatory environment. The proposal emphasizes the need for clear regulations and a shift away from "regulation by enforcement" to foster trust within the digital asset community. Additionally, new FASB guidance mandates that companies report digital assets at fair market value starting in 2025, enhancing transparency for investors.
The Digital Chamber of Commerce is urging the incoming SEC leadership to review all crypto-related investigations and lawsuits from day one, advocating for a reset in the SEC's relationship with the digital asset industry. They propose pausing probes not involving fraud or investor harm and repealing key regulations like SAB 121, which burdens crypto custody providers. With bipartisan support for these changes, the Chamber aims for a more transparent regulatory framework under new SEC Chair Paul Atkins, succeeding Gary Gensler.
Senator Tim Scott, the new chair of the U.S. Senate Banking Committee, plans to introduce the Financial Innovation and Technology for the 21st Century Act (FIT21) and a stablecoin bill to establish clearer crypto regulations in 2025. He aims to create a digital assets subcommittee and aligns with pro-crypto initiatives alongside the incoming Trump administration. Despite expected criticism from Senator Elizabeth Warren, Scott emphasizes the potential of crypto as the "next wonder of the world."
The U.S. Securities and Exchange Commission has issued a Wells Notice to the NFT project CyberKongz, indicating potential securities violations related to its ERC-20 token and blockchain game. CyberKongz plans to challenge the notice, arguing that the SEC misinterpreted a technical upgrade as a token sale. The situation raises concerns for the broader blockchain gaming industry, particularly for projects combining NFTs with utility tokens.
TD Cowen predicts that the SEC will likely proceed with crypto regulations without Democratic commissioners in the new year, following the departures of Chair Gary Gensler and Commissioner Jaime Lizárraga. Commissioner Caroline Crenshaw, the only remaining Democrat, faces challenges in her renomination, which could lead to an all-Republican commission under Chair Paul Atkins. This shift may expedite rule-making but poses risks to bipartisan support, potentially affecting the stability of future crypto regulations.
Paul Atkins' nomination as SEC chair is seen as a positive shift for the crypto industry, promising a more innovation-friendly regulatory approach. While he aims to reduce aggressive enforcement and enhance clarity for crypto firms, significant changes may take time due to existing legal challenges and the need for Congressional support. The industry should prepare for a gradual transformation under his leadership.
Hester Peirce, a Commissioner at the U.S. Securities and Exchange Commission, has outlined a vision for the agency's crypto regulatory strategy under President-elect Donald Trump. In the cryptocurrency market, Bitcoin is currently battling to maintain the $100K level after a volatile week, with significant purchases from MicroStrategy and endorsements from BlackRock potentially influencing institutional interest. As the year-end approaches, factors such as expected Fed rate cuts and a pro-Bitcoin political landscape may contribute to a potential Christmas rally.
The Bank of England is mandating firms to report their crypto asset exposure by March 24, 2025, to enhance financial stability and inform regulatory frameworks. The Prudential Regulation Authority (PRA) is particularly concerned about risks associated with permissionless blockchains and settlement failures. This initiative aims to establish a baseline for monitoring risks and guiding future regulations in the evolving crypto landscape.
Paul Atkins, nominated by President Trump as the next SEC chair, is expected to shift the agency's approach to crypto regulation, moving away from the aggressive tactics of his predecessor, Gary Gensler. While Atkins is pro-crypto and advocates for clearer regulations, significant changes may take time due to existing legal precedents and ongoing lawsuits. His familiarity with current SEC staff, including pro-crypto commissioners, could facilitate a more accommodating regulatory environment for the industry.
Hester Peirce
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Digital Chamber calls for SEC to reset crypto relations before 2025
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