Lawsuits filed by the Securities and Exchange Commission (SEC) against cryptocurrency companies will likely be resolved once he is president. Gary Gensler resigns in January 2025, says crypto asset manager Panterathe legal director of Katrina Paglia.
What happened: Speaking Thursday at the North American Blockchain Summit in Dallas, Paglia said, according to Cointelegraph, that while the SEC won’t completely withdraw its claims, many cases will “quietly disappear” and defendants will pay settlements under “neither admit nor deny”. terms.
“The regulator will be able to make a certain statement and get something for the value of the time and energy spent,” Paglia said, noting that would be “very beneficial” in resolving the broad litigation.
The comments come as the president-elect Donald Trump‘s transition team is actively shaping what appears to be a radically different approach to crypto regulation.
See also: Bitcoin Analyst Warns of ‘4-6 Flash Crashes’ Before Year Ends As It Closes To $100,000: This Is The Time Altcoins ‘Shoot’
Why it’s important: The new administration is reportedly selecting candidates for the first-ever cryptocurrency policy role in the White House, while major industry players like Coinbase Global Inc. COIN CEO Brian Armstrong participate in high-level discussions.
Industry experts see the potential for significant policy changes, with Hunting Hill Capital of the Worldthe CIO of Adam Guren highlighting the need for “thoughtful policy” and clear definitions of digital assets. “Well-defined classifications would encourage engagement from individual and institutional investors,” Guren noted.
The market reacted positively to these developments, with Bitcoin BTC/USD approaching $100,000 amid reports that companies including Ripple XRP/USD, KrakenAnd Circle USD/USD are seeking representation on Trump’s promised crypto advisory board.
The SEC, under Gensler’s leadership, has filed lawsuits against many prominent crypto companies, including Ripple, Binance BNB/USDKraken and others, in what many in the industry have called an aggressive regulatory approach.
Read next:
SEC Gary Gensler. Photo by think tank Third Way on Flickr
Disclaimer: This content was partially produced using AI tools and was reviewed and published by Benzinga editors.
News and market data powered by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
