Reform Archives - Coin Engineer https://coinengineer.net/blog/tag/reform/ Btc, Coins, Pre-Sale, DeFi, NFT Thu, 14 Nov 2024 17:17:00 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png Reform Archives - Coin Engineer https://coinengineer.net/blog/tag/reform/ 32 32 Crypto Firms Call for SEC Reform https://coinengineer.net/blog/crypto-firms-call-for-sec-reform/ https://coinengineer.net/blog/crypto-firms-call-for-sec-reform/#respond Thu, 14 Nov 2024 17:17:00 +0000 https://coinengineer.net/blog/?p=32342 With a Republican majority in the U.S. Senate and a crypto-supportive White House, cryptocurrency firms are pushing for reforms at the SEC. Following Donald Trump’s re-election and the Republicans gaining Senate control, crypto firms like Ripple are calling for “fresh perspectives” in federal agencies. These firms, involved in legal battles with the SEC, expect the

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]]> With a Republican majority in the U.S. Senate and a crypto-supportive White House, cryptocurrency firms are pushing for reforms at the SEC. Following Donald Trump’s re-election and the Republicans gaining Senate control, crypto firms like Ripple are calling for “fresh perspectives” in federal agencies. These firms, involved in legal battles with the SEC, expect the new administration to halt aggressive policies on digital assets and implement regulatory changes.

Ripple’s Chief Legal Officer Stuart Alderoty expressed optimism, hoping leadership changes at the SEC would lead to a more reasonable approach.

Paul Grewal, Coinbase’s Chief Legal Officer, also echoed this sentiment on social media after Trump’s victory on November 6. Both Coinbase and Ripple were among the top donors supporting pro-crypto candidates in this election.

SEC

One of Trump’s main promises to crypto voters includes replacing SEC Chair Gary Gensler. Under Gensler, the SEC imposed stringent measures on various crypto firms, especially around classifying digital assets as securities, which led to extensive legal battles within the industry. Ripple, engaged in litigation with the SEC since 2020, has already spent millions on this battle. Ripple CEO Brad Garlinghouse mentioned that the company expects to spend up to $200 million on legal defense.

Trump’s re-election grants him the power to remove the SEC Chair, although Senate approval is required to complete the process. Crypto-friendly SEC Commissioner Hester Peirce is seen as a potential successor to Gensler.

Although the future SEC leadership remains uncertain, Gensler appears open to potential leadership changes. He told the Wall Street Journal, “Presidents traditionally choose the SEC Chair, which is a beautiful part of our democracy,” signaling acceptance of the possibility of new leadership.

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