Yes indeed! What Brad Garlinghouse of Ripple Labs called “the reign of the Terror of Gensler” ended with the resignation of the President of Securities and Exchange Commission (SEC) Gary Gensler during the inauguration of President Donald Trump. Paul Atkins, who co -chaired the Token Alliance, spoke of the need for a “course change” to the dry and will be accused of the dry when he is confirmed as a new president.
While the largest deliberative body takes time to exercise its constitutional role of advice and consent, President Trump and acting president Mark Uyeda advance at the speed of lightning, each acting in the first week of the new administration. The long -awaited paradigm shift in the regulation of digital assets is there and the market likes what it sees, Bitcoin now negotiating near a top of all times and total market capitalization of digital assets exceeding 3 billion Dollars. The projects are again financed in – and the development teams return – the United States.
The day after its inauguration, President Trump signed a decree, strengthening American leadership in digital financing technology, aimed at “supporting the growth and user use of digital assets, blockchain technology and related technologies in all sectors of the economy ”. This occurs within the framework of a newly announced crypto working group, dedicated to the development of a complete and clear regulatory framework for digital assets, including “crypto” assets.
The Executive Decree
In his decree, President Trump underlines the crucial role that the digital asset industry plays in the innovation and economic development of the United States, declaring that it is the policy of his administration:
- Protect and promote public blockchain networks, mining and validation and self -sufficiency of digital assets.
- Protect and promote the US dollar by promoting stablecoins worldwide.
- Provide regulatory clarity and certainty based on neutral neutral regulations, in particular well -defined regulatory boundaries.
President Trump’s executive decree in 2025 reveals the former executive decree of former President Biden in 2022 concerning cryptographic assets and ordered the secretary of the Treasury to also revoke all the preliminary policies of the inconsistent treasury.
More importantly, the decree establishes the “working group of the president of the digital asset markets” to be presided over by the “special advisor to the AI and the crypto”, the venture capital of the Silicon Valley, David Sacks, who is sometimes called “Czar Crypto”. Its executive director will be “BO” Hines de Caroline du Nord. The working group will be made up of specified civil servants (or their designated) such as the Secretaries of the Treasury, Trade and Internal Security, the Attorney General, the Director of the Dry Bureau and Commodities and Futures Trading Commission (CFTC) .
The working group was responsible for hitting the ground:
- By February 22, 2025,, The Treasury, the DOJ, the SEC and other relevant agencies included in the working group must identify all regulations, orientation documents, orders or other elements that affect the digital asset sector. In other words, what has the federal government has done so far?
- By March 24, 2025, each agency must submit recommendations as to each regulation identified, orientation document, order or other item should be canceled or modified, or, for elements other than regulations, adopted in a Rules.
At the end of last week, the SEC had already canceled the staff accounting bulletin 121, a particularly disturbing orientation that the dry never approved and that the congress had sought to overthrow, but the former president Biden preserved. SAB 121 demanded the crypto goalkeeper banks to transport customer assets on their balance sheets, which is necessary for any other assets. After canceling Sab 121, the SEC commissioner, Hester Pierce, tweeted: “Goodbye, goodbye Sab 121! It was not fun. Another element of guidance of the dry which could be on the cutting block is the so-called “framework for the” investment contract “analysis of digital assets”, which has confused the digital asset industry since its adoption .
- By July 22, 2025, the working group must submit a report to the President recommending I which advance the policies established in order. Especially:
- The working group will offer a federal regulatory framework governing the issue and operation of digital assets, including stablecoins, in the United States. The working group report must take into account the measures of the structure of the market, surveillance, consumer protection and risk management.
The working group will have important choices to make in this regard: he will support the bill “Fit 21” which has already been approved by the House of Representatives of the United States, or will he seek to Draw a different course? Will he support a CFTC fusion with the dry? How will he reconcile the desire to support technological innovation with national security interests and the protection of investors?
- The working group will assess the potential creation and maintenance of a stock of national digital assets and will offer criteria to establish such a stock, potentially derived from cryptocurrencies legally seized by the federal government thanks to its efforts to apply The law. In this regard, President Trump could be considered to have fell off his previous promise to create a bitcoin reserve in the United States, because it is now considered rather than proposed for immediate adoption. The word “bitcoin” does not even appear once in the decree.
- The working group will offer a federal regulatory framework governing the issue and operation of digital assets, including stablecoins, in the United States. The working group report must take into account the measures of the structure of the market, surveillance, consumer protection and risk management.
The executive decree of President Trump also prohibits the creation, program or promotion by federal agencies of digital currencies of the Central Bank (CBDC) in the United States or abroad, ending the current plans or initiatives to the creation of a CBDC in the United States. Libertarians who dominate appointments in the administration’s financial services sector are strongly opposed to CBDC, considering them a threat to personal freedom.
By issuing this decree, President Trump made his campaign promises concerning cryptographic assets. In an address of July 27, 2024, at the Bitcoin 2024 conference in Nashville, he promised to “put an end to the war of Joe Biden against the crypto”. He promised:
- To “shoot Gary Gensler”, who resigned during the inauguration of Trump.
- To “close the ChokePoint 2.0 operation immediately”, which he performs in his order in the Treasury Department.
- To name the aforementioned working group.
- To defend the right to self-to leather.
- To ban CBDC.
During the first week, we note that, at least so far, the promises made are promises.
Dry crypto task force
On the side of the dry, Commissioner Hester Pierce, known as “Crypto Maman”, will lead the Crypto working group which will work to develop a “sensible regulatory pathway which respects the limit of the law”. The SEC under former President Biden used “regulation by application” rather than “regulation by regulation and interpretation” to regulate the cryptographic asset industry. President Trump’s dry has already pointed out the “course correction” that Paul Atkins asked before the elections. Commissioners Peirce and Uyeda worked for Atkins in his previous passage as a SEC commissioner. Others have observed that the “triumvirate” of Atkins-Peirce-Uyeda could be the most powerful cohort of the commissioners that the SEC has ever seen.
The announcement of the SEC indicates that the working group will focus on the development of clear regulatory lines, realistic registration paths, reasonable disclosure frameworks and the deployment of judiciously application resources. The working group plans to contain future round tables and also requests public comments.
The day the dry working group was announced, Foley & Lardner submitted SOGY suggestions for round table subjects. Our suggestions included:
- What exemptions for recording the securities law should be adopted to expand market access to digital assets? An example could be the “security port” that Commissioner Peirce proposed and refined, to have him ignored by the dry people.
- What advice should the staff had to have given that he did not give? What guidelines should be removed? There was no indication of how regulations apply to digital asset offers, to highlight a gap. The staff may have given advice, but President Pensler prohibited it, by adopting the opinion that the SEC does not give legal advice.
- What should change so that you can “register” if you are a token “transmitter”? Clearly, the system is now broken because those who tried to register were delayed indefinitely and finally conceded the defeat. Others, seeing this, have never even tried.
- What should change so that you “enter and register” if you are a “concessionaire” or “exchange” in token? These questions are essential for the exchanges of crypto that do business in the United States and have been pursued by the SEC so as not to register.
- What should change so that you “enter and register” your cryptography brokerage company? What can we do more so that you “enter and register” your cryptography fund? How can the dry facilitate the trade in titles of titles and other tokenized assets? How can the dry work better with the CFTC concerning digital assets? What legislation should the dry recommend to adoption by the congress? All these questions, and even more, must be addressed by the dry, engaging the public as the answers are determined. In each case, the SEC would act in a coherent manner with its statutory mandate to protect investors into securities and ensure equitable and ordered markets.
Following steps
Foley proposed to help the dry examination of these questions and expect to be involved in a certain title along the way. Likewise, we plan to submit to the president’s working group. If you want to be represented in this process to make sure your opinions are taken into account, please contact one of the authors. We are committed to the Chamber’s Financial Services Committee and the Senatoric Banking Committee in addition to the Trump, SEC and CFTC administration.
Similarly, if you have a development team or a product and you are looking to access the markets of American digital assets legally, we want to help each other.
