U.S. Government Clampdown on Crypto Enforcement Team

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The size of the SEC’s crypto enforcement unit is being reduced. Over fifty attorneys and staff members involved in crypto-related cases are being reassigned by the Securities Exchange Commission.

This represents a dramatic change in the federal approach to regulating digital assets under the Trump administration. President Trump’s executive order to loosen regulatory restrictions and promote the expansion of digital assets led to the downsizing.

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As part of this change, several attorneys from the crypto unit were transferred to other SEC departments. According to a report in the New York Times, one senior attorney was moved out of the enforcement division. Some insiders also consider these actions an unfair demotion.

The future of the SEC’s well-known cases, such as its ongoing lawsuit against Ripple, is called into question by the staff reassignment.

The lawsuit is still ongoing, even though it was deleted from the SEC’s website.

Commissioner Hester Peirce, well-known for her ardent support of crypto initiatives, leads this team.

Peirce declared earlier today that the new Crypto Task Force will concentrate on reassessing asset classifications and moving some enforcement duties outside the SEC’s direct purview.

Meanwhile, Senate leaders and White House Crypto Czar David Sacks outlined the goals of the recently established Digital Assets Working Group.

Sacks emphasized that investigating the creation of a national Bitcoin reserve is the group’s primary goal. Bitcoin is being considered a strategic reserve asset by 15 American states.

 

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ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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