Trump Backers Seek to Raise $15M at Bitcoin Conference in Nashville

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 United States presidential hopeful Donald Trump could tame the Securities and Exchange Commission’s (SEC) approach to digital asset regulation, according to the crypto industry and legal minds.

The SEC has faced criticism for using enforcement actions as its primary tool for asserting regulatory jurisdiction and oversight over crypto, an approach that Commissioner Hester Peirce has dissented from several times.

Now, as Trump prepares for a potential second term in the White House, lawyers and crypto policy advisers expect the SEC to stop pursuing the digital asset industry “so aggressively” if he wins the upcoming presidential election, a recent Bloomberg report noted.

With Trump’s presidency potentially leading to Republicans replacing Gary Gensler as SEC chair, the development could also see a shift in the regulator’s approach to crypto regulation.

“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,” blockchain consultant and adjunct professor at Columbia Business School Austin Campbell was quoted as saying in the report.

However, Electric Capital’s general counsel Emily Meyers argued that Trump’s administration will likely bring fewer or different types of crypto enforcement cases instead of dropping ongoing cases, especially those that made it to a federal court.

“I don’t think the Trump administration will drop crypto enforcement cases that are already in federal court. Those cases will continue and will be decided by the courts and the SEC,” Meyers said in the report.

While Crypto Council’s chief legal and policy officer, Ji Kim, took a similar view, he added that the crypto industry should expect a friendlier SEC only if the leadership and the make-up of commissioners change, something that isn’t guaranteed.

“The SEC will only become crypto-friendly if the commissioners change. Trump can’t change the commissioners on his own,” Kim said in the report.

The development comes as American voters face a similar set of 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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