[NEWS] SEC to review cryptocurrency regulations shortly after Trump takes office as president

It has been learned that the SEC (Securities and Exchange Commission) will begin reviewing cryptocurrency regulations as soon as Trump takes office as president next week. Reuters reported on the 15th, citing three people familiar with the matter.

According to the report, the SEC will set clear standards for deeming cryptocurrency securities securities and review current lawsuits. SEC Commissioners Hester Peirce and Mark Uyeda will take the lead in the effort ahead of the inauguration of Paul Atkins, who is expected to be elected as the next SEC Chairman.

Trump, who won last year's US presidential election, is scheduled to take office on the 20th, and current SEC Chairman Gary Gensler is set to step down as a result. Chairman Gensler has tightened the grip on cryptocurrency-related companies and has deemed many altcoins, except for Bitcoin (BTC), to be unregistered securities, which has created a negative image for the industry. When it was decided that he would step down, a lot of funds were flowing into the cryptocurrency market.

According to a person familiar with the matter who spoke to Reuters, Pierce and Ueda were aides to Atkins when he served as an SEC commissioner from 2002 to 2008, and they have a good relationship. They also said that they have already discussed revising cryptocurrency regulations.

After Trump takes office as president, the SEC may freeze lawsuits against cryptocurrency-related companies within a few days and eventually drop them, except for those related to fraud, the person said.

There is a possibility that Trump will issue a cryptocurrency-related executive order as soon as he takes office. According to the Washington Post, there is a possibility that SAB 121, which requires banks that hold crypto assets to record those assets as liabilities, will be repealed. If this is repealed, it is expected that the barriers to banks entering into cryptocurrency-related services will be eased.

Trump has repeatedly emphasized the review of cryptocurrency-related regulations, and it is highly likely that some kind of movement will be made at least shortly after taking office. Although there are some issues that will take time to be addressed, such as the establishment of a Bitcoin reserve, which is attracting attention, it is expected that the industry will have an unprecedented boost.

Reference: Reuters , The Washington Post
Image: Shutterstock

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