Trump’s SEC nominee, Paul Atkins, has already met with Peirce and Uyeda.
Court cases unrelated to fraud are expected to be reviewed.
According to sources in Donald Trump’s new administration, Republican commissioners of the Securities and Exchange Commission (SEC) are expected to begin reviewing the cryptocurrency policies imposed by Gary Gensler during his time as president of the entity.
Hester Peirce aka “Crypto Mom” and Mark Uyeda aka “Crypto Dad” are ready to kick off these reviews, that could start next weekaccording to report Reuters.
These reviews will occur while waiting for the United States Senate to confirm Paul Atkins as president of the SEC. Atkins was nominated by Trump for the position last year, as CriptoNoticias reported.
In addition, the evaluations will begin once Gensler leaves the position of president of the SEC, something scheduled for next January 20, as he himself announced a few weeks ago.
The policies being targeted include rules that clarify When is a cryptocurrency considered a security?an issue that has generated numerous litigations between the SEC and companies in the sector.
Peirce and Uyeda are expected to begin the early stages of the process of drafting new rules. Probably, This will begin with a call to industry and public feedbackaccording to sources.
Additionally, commissioners will review some court cases related to cryptocurrencies that are still pending in court. This could lead to freezing certain litigation that does not involve allegations of fraud. Some of these cases could eventually be withdrawn.
Both Atkins, Peirce and Uyeda are well-known cryptocurrency enthusiasts. They have criticized Gensler’s stance towards the industry and in the past have proposed alternative initiatives more favorable to this sector. Additionally, they both worked with Atkins when he held a position in the SEC from 2002 to 2008. The three have already discussed possible changes to cryptocurrency policies.
SEC Leadership’s Approach to Cryptocurrency Policy and Litigation Review could mean a significant change on how this emerging sector is regulated in the United States.
The confirmation of Atkins as SEC Chairman will be a crucial step in implementing these reforms, which could influence the development and adoption of cryptocurrencies in the country and potentially globally.
Next steps include not only the review of existing regulations but also the possibility of establish new rules that allow for more balanced and regulated growth of the cryptocurrency industry, seeking a balance between innovation and investor protection.
