The Securities and Exchange Commission (SEC) has removed Jorge Tenreiro, a prominent legal expert known for his major lawsuits against major cryptocurrency exchanges, from his position, and has given him the agency’s information technology office. Reassigned to position.
Tenreiro, who played a key role in shaping the SEC’s legal stance on the Crypto platform, last week was another chief lawyer involved in creating a controversial accounting policy that complicates banks’ ability to protect crypto assets. was transferred with. The SEC declined to comment on the reallocation.
The agency’s soft attitude about cryptocurrency comes after Washington’s political change. With President Donald Trump in office and the SEC currently under Republican control, the agency appears to be in reconciliation with the crypto industry. A solid supporter of digital assets, Trump recently launched his own token worth $3.5 billion and issued an executive order on January 23rd calling for a new regulatory framework for cryptocurrency.
Tenreiro’s tenure is not a political appointment, but rather a noticeable departure from the standard institutional transition. Tenreiro’s tenure began under former SEC chairman Jay Clayton. Jay Clayton continued under Gary Gensler, who thwarted the initial coin offering (ICO) boom and strengthened the enforcement of crypto companies’ institutions.
Under Gensler’s leadership, Tenreiro led the SEC’s special crypto enforcement squad and was promoted to civil litigation chief in December. His approach relies on lawsuits claiming jurisdiction over the SEC’s digital assets, claiming that many crypto tokens act as unregistered securities. Although some cases have resulted in settlements, major cases, including lawsuits against Coinbase Global, remain unresolved at the end of the Biden administration.
With the SEC leadership change, industry observers hope that ongoing crypto litigation will be resolved or dismissed entirely, rather than continuing legal combat. Crypto companies have long argued that current SEC regulations are unrealistic about digital assets given their decentralized nature.
*This is not investment advice.
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