The American Securities and Exchange (SEC) commission reduces its unit of application of cryptography, marking a significant change in regulatory policy under President Donald Trump, according to the New York Times.
The cryptographic unit of the SEC, which had more than 50 lawyers and staff, is reduced, some members have reassigned to other departments. Sources have described change as a setback of cryptographic surveillance, some calling it “unjust demotion”. This decision follows a recent Trump decree to reduce regulatory exceeding in the digital asset sector.
Trump has always pleaded for pro-Crypto policies. Shortly after taking office, he appointed Mark Uyeda as the president of the acting dry. Uyeda quickly launched a team to reassess the approach focused on the application of the Cryptographic Regulation Agency, led by the SEC Commissioner, convivial Hester Peirce.
The SEC always has current cases against large cryptography companies, including Coinbase (Nasdaq: Coin), although investors provide for a regulatory relaxation under the new administration. Trump’s candidate for the President of the SEC, Paul Atkins, is known for his support position on lighter cryptographic regulations.
Under the former president of the SEC, Gary Gensler, the agency repressed the crypto following a wave of industry scandals in 2022. However, Trump’s approach signals a development towards a more regulatory environment favorable to industry.
Bitcoin (BTC), the largest cryptocurrency in the world, increased to record summits before the inauguration of Trump. However, BTC dropped by 4% to $ 97,564.7 per 18:31 he (23:31 GMT).
With the softening of the position of application of the SEC, the cryptographic industry is preparing for potential regulatory reforms which could reshape the future of the market.
