The Securities and Exchange Commission has agreed to lower the legal case against Coinbase, the exchange said Friday that approval by regulatory commissioners is pending. But it’s just one Of the several actions the agency has taken since President Donald Trump took office to deepen his code-friendly tone change.
Coinbase CEO Brian Armstrong said on Friday that he was in charge of the SEC. I agreed to end the lawsuit against trading platforms. Regulators will not fine the largest US crypto exchange for daily trading volumes in killing cases, Armstrong added, assuming the plan is approved.
The waiver of lawsuits that had a broad impact on the future of the US digital asset industry is one of the latest signals that federal regulators are easing their stance on digital assets under the new administration.
On the campaign trail, pro-crypto Trump vowed to end the crackdown on Crypto and push the SEC to amplify a more tech-friendly voice at Capitol Hill. It’s still early for the SEC turnaround, but now the plan is in operation.
New task force etc.
In fulfilling these promises, Trump was held last December. He has been appointed Pro-Crypto Paul Atkins As SEC Chair, I will lead the lead on the digital assets side. Since then, the agency has made numerous changes to its cryptography agenda prior to Atkins’ confirmation.
Wednesday, Committee spontaneously Dismissed its own appeal of a ruling that prevented federal regulators from extending the application of securities laws to decentralized financial users and projects.
A day later, the regulator announced it Starting a crypto crime prevention unit “It will focus on fighting cyber-related fraud and protect retail investors from bad actors in emerging technology fields.”
The new committee will replace the SEC’s Cryptocurrency and Cyber Unitspromotes the abandonment of institutions in efforts to curb the authority of digital asset companies during the Biden administration.
In January, a day after Trump’s inauguration, SEC Chairman Mark Weda announced at his agency that he would establish a cryptographic task force. The task force, led by encryption-friendly commissioner Hester Peirce, aims to grasp the path of US crypto regulating, following the heavy-duty approach of previous administrations.
“The SEC can do better,” he read a task force announcement from regulators.
In February, Perth shared his thoughts on the formation of the task force, writing:
Additionally, this month, the SEC and Crypto Exchange Binance have announced a 60-day suspension granted on February 14th (granted on February 14th), including the creation of the SEC’s Crypto Task Force. We jointly requested it.
A new era
Under former chairman Gary Gensler, the SEC puts enforcement action against more than 12 digital asset companies, including central exchanges such as XRP publishers Ripple Labs, Kraken and Binance.us, and decentralized exchanges Uniswap. brought about.
Meanwhile, the SEC has raised complaints against Coinbase, claiming that the company operates as an unregistered stock exchange and failed to register a crypto staking program with federal regulators.
Under President Trump, such a legal battle is likely to be a thing of the past. Trump emphasized that crypto companies and holders will enjoy favorable treatment under his second administration.
“There are regulations, but from now on, the rules will be written by people who love your industry and you won’t hate the industry,” Trump said at the Bitcoin 2024 conference in Nashville last summer.
Edited by James Rubin
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