Key takes
- SEC has reduced the size of the cryptographic units under the Trump administration.
- The reorganization is part of the efforts to promote the growth of cipher and reduce regulations.
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According to a new report from the New York Times, the SEC in the United States has reduced the size of Crypto Assets, Crypto Assets, and Cyber Units, and to more than 50 lawyers and staff under the leadership of the former chairman Gary Gensler. Grown up.
SEC's dedicated encryption unit lawyers have been re -assigned to other departments, and at least one advanced lawyer is completely moving from the execution department. Formerly known as a cyber unit, it was strengthened in May 2022, when SEC added 20 positions.
Reforms are underway with the US top finance agency. According to a recent report from Reuters, SEC is new to the execution staff to secure approval from the commissioner before starting a formal survey, including the issuance of summoning and compelling testimony. We are implementing a policy.
This shift is a deviation from the policy before the staff can start an independent investigation. This change is to secure a survey that has been more measured and supported by evidence, but causes concerns about potential delays that deal with fraud.
The reorganization is a part of the continuous efforts of the Trump administration to reduce the regulatory monitoring of the cryptographic industry.
President Trump has recently been ordered to establish a framework of regulations related to digital assets and regulations that promote economic growth, such as the development of dollar support stubcoin and banning digital currency (CBDC) by central banks. I signed.
The order also evaluates the potential establishment of the National Digital Asset Protection of the Digital Asset, and creates a working group to propose new sector regulations.
Mark Ueda, the SEC representative chairman, established a task force to consider digital assets for agencies, appointed Hester Perth and led Initiative. PEIRCE criticizes the previous approach of SEC and explains that it is “legal misconduct and commercial intability.”
Crypto taskforce focuses on clarifying the security status of digital assets, relieving specific tokens, and simplifying cryptographic product registration. The goal is to enhance international regulation collaboration and address the regulatory issues of encryption lending, streaming, and management services.
Downsizing affects the unit that protects investors in the cipher market, protects the securities market from cyber threats, and is responsible for violating securities in the encryption market. This change sources questions about the suspension case, including a Secoinbase lawsuit for Coinbase, which is said to be an unregistered stock exchange.
This movement brought a mixture reaction. Corey Frayer, a former senior adviser on Gensler on the issue of Crypto, criticized the decision and claimed that the necessary “speed limit and guardrail” would be removed from the market.
Conversely, the encryption industry supporters believe that it is a welcome step in a more balanced regulatory environment.
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