In July, on the campaign, Trump promised a crowd of Bitcoiners that he would fire former SEC chairman Gary Gensler if he was re -elected. “I didn’t know he was that unpopular, ‘said Trump, referring to the crowd’s ominous response to the promise. In November, after Trump won the election, the Crypto industry helped the nominee replace Gensler, and landing on Paul Atkins, a former SEC commissioner who expressed the opinion that Crypto businesses were being treated unfairly in the US. (Atkins are for the time being, pending confirmation.)
The argument advanced by the crypto industry-that it was subject to unlawful lawsuits by a politically motivated regulator-is probably an agreement with Trump, says Anthony Scaramucci, founder of Crypto-focused investment firm Skybridge Capital and former director of communications for Trump. “Trump is a big believer in legislation,” says Scaramucci. “If you go to Trump and say that you are a victim of legislation … he goes with it.”
According to Stand with Crypto, a non-profit organization that printed tailored to crypto regulation in the US, more than 250 pro-crypto representatives were elected to the congress in 2024. The crypto industry claimed most from Ohio, in which it invested in Crypto Cirpto Cirpto Circir Circto Circto Cirpto Cirpto Cirpto Cirpto Senator. Bernie Moreno. Through Defense American Jobs, the crypto industry has spent more than $ 40 million on Moreno.
After seeing the effectiveness of the crypto-lobby machine, politicians who are concerned about the safety of their own seats are possibly less likely to opposed the industry in the future, says Scaramucci, which in turn increases the chances of crypto-specific regulation that is in law and the legislation focused on the law.
“Democrats scared them to them,” says Scaramucci. ‘You must have regulatory clarity. With the Trump administration you get it. You have enough Democrats afraid that will be with it [Republicans] to create it. “
A double -edged sword
The SEC’s haven from its outstanding lawsuits against Crypto businesses will be received as an early sign of the agency’s intention to work an arm in the industry to get a set of rules to regulate crypto transactions and products.
That rulebook will clear up the question at the heart of the lawsuits: which crypto assets should be classified as securities, the specific type of investment product that the SEC has jurisdiction, and in what context?
“I think the industry sees regulators who are willing to work over the table,” said Coy Garrison, a partner at the law firm Stepdoe and a former SEC attorney. “That’s the difference. Four years ago, the other side of the table was just the maintenance arm. “
But it is a mistake to interpret the withdrawal of the SEC from the crypto-related cases as a total loose from the leash, Garrison claims. “Sometimes it’s easy for people to just see the topline,” he says. “The SEC is still going to impede potential fraudulent activities within its jurisdiction with regard to crypto.”