SEC Reduces Crypto Enforcement Team, Reassigns Over 50 Lawyers
The SEC is downsizing its crypto enforcement team, reallocating over 50 lawyers and staff to different roles. This adjustment reflects a change in the federal stance on digital asset regulation.
- Executive order aims to promote digital asset growth by reducing regulatory restrictions.
- Senior attorney reassigned from the enforcement division; some view this as a demotion.
- Analyst Eric Balchunas confirmed the scaling back of the SEC's crypto enforcement unit.
- The future of ongoing cases, including the lawsuit against Ripple, is uncertain.
- Acting SEC Chairman Mark Uyeda established a task force to review digital asset strategy.
- Commissioner Hester Peirce will lead this task force, which may reassign certain enforcement duties.
- Peirce reaffirmed that SEC regulations remain in effect.
- The White House is pursuing its own crypto initiatives, including plans for a national Bitcoin reserve.
- A new stablecoin bill is set to be introduced in Congress.
These changes suggest both the SEC and the US government are moving towards clearer regulations for the crypto sector.