- Crypto continues to dominate U.S. presidential elections.
- Experts believe Trump’s win could be a turning point for the nascent industry.
- Trump faces Biden, who has been urged to drop from the race.
The crypto industry and keen legal minds believe that U.S. presidential hopeful Donald Trump could tame the Securities and Exchange Commission’s ( SEC ) approach to digital asset regulation.
The SEC has been on the receiving end for leveraging enforcement actions as its main tool for asserting regulatory jurisdiction and oversight over crypto, an approach that Commissioner Hester Peirce has dissented from several times.
How Trump Could Reset the SEC
According to a recent Bloomberg report , lawyers and crypto policy advisers expect the SEC to stop pursuing the digital asset industry “so aggressively” if Donald Trump wins the upcoming presidential election.
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Austin Campbell, a blockchain consultant and adjunct professor at Columbia Business School, noted that Trump’s presidency could see Republicans replace Gary Gensler with a new SEC chair.
“What this means in practical terms is that many of these cases — which have been shotgunned out at highly variable degrees of quality and generating highly variable decisions that are increasing confusion — could all be settled instead of having to go forward,” Campbell said in the report.However, Electric Capital’s general counsel, Emily Meyers, argued that Trump’s administration would likely bring fewer or different types of crypto enforcement cases instead of dropping ongoing ones, especially those that reached federal court.
While Crypto Council’s chief legal and policy officer, Ji Kim, took a similar view. He said that the crypto industry should expect a friendlier SEC only if the leadership and the make-up of commissioners change, which isn’t guaranteed.
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The development comes as American voters face similar choices as they did four years ago in the presidential race. The only difference this time is that crypto is at the forefront, and at least 35 congressional Democrats, including five senators, have urged President Biden to step aside from the race.
Whether this works in favor of Trump remains to be seen. Meanwhile, the crypto industry seems to have staked all its hopes with the Republican candidate.
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