{"id":32342,"date":"2024-11-14T20:17:00","date_gmt":"2024-11-14T17:17:00","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=32342"},"modified":"2024-11-14T20:17:00","modified_gmt":"2024-11-14T17:17:00","slug":"crypto-firms-call-for-sec-reform","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/crypto-firms-call-for-sec-reform\/","title":{"rendered":"Crypto Firms Call for SEC Reform"},"content":{"rendered":"

With a Republican majority<\/strong> in the U.S. Senate<\/strong> and a crypto-supportive White House<\/strong>, cryptocurrency firms<\/strong> are pushing for reforms<\/strong> at the SEC<\/strong>. Following Donald Trump\u2019s re-election<\/strong> and the Republicans<\/strong> gaining Senate control<\/strong>, crypto firms like Ripple<\/strong> are calling for \u201cfresh perspectives\u201d<\/strong> in federal agencies<\/strong>. These firms, involved in legal battles<\/strong> with the SEC<\/strong>, expect the new administration<\/strong> to halt aggressive policies<\/strong> on digital assets<\/strong> and implement regulatory changes<\/strong>.<\/p>\n

Ripple\u2019s Chief Legal Officer Stuart Alderoty<\/strong> expressed optimism, hoping leadership changes<\/strong> at the SEC<\/strong> would lead to a more reasonable approach<\/strong>.<\/p>\n

Paul Grewal<\/strong>, Coinbase’s Chief Legal Officer<\/strong>, also echoed this sentiment on social media<\/strong> after Trump\u2019s victory<\/strong> on November 6<\/strong>. Both Coinbase<\/strong> and Ripple<\/strong> were among the top donors supporting pro-crypto candidates<\/strong> in this election.<\/p>\n

\"SEC\"<\/p>\n

One of Trump\u2019s main promises<\/strong> to crypto voters<\/strong> includes replacing SEC Chair Gary Gensler<\/strong>. Under Gensler<\/strong>, the SEC<\/strong> imposed stringent measures<\/strong> on various crypto firms<\/strong>, especially around classifying digital assets<\/strong> as securities<\/strong>, which led to extensive legal battles<\/strong> within the industry<\/strong>. Ripple<\/strong>, engaged in litigation<\/strong> with the SEC<\/strong> since 2020<\/strong>, has already spent millions<\/strong> on this battle. Ripple CEO Brad Garlinghouse<\/strong> mentioned that the company expects to spend up to $200 million<\/strong> on legal defense<\/strong>.<\/p>\n

Trump\u2019s re-election<\/strong> grants him the power to remove the SEC Chair<\/strong>, although Senate approval<\/strong> is required to complete the process. Crypto-friendly SEC Commissioner Hester Peirce<\/strong> is seen as a potential successor<\/strong> to Gensler<\/strong>.<\/p>\n

Although the future SEC leadership<\/strong> remains uncertain, Gensler<\/strong> appears open to potential leadership changes<\/strong>. He told the Wall Street Journal<\/em>, \u201cPresidents traditionally choose the SEC Chair<\/strong>, which is a beautiful part of our democracy<\/strong>,\u201d signaling acceptance of the possibility of new leadership<\/strong>.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s re-election and the Republicans gaining Senate control, crypto firms like Ripple are calling for \u201cfresh perspectives\u201d in federal agencies. These firms, involved in legal battles with the SEC, expect the<\/p>\n","protected":false},"author":28,"featured_media":31997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,10,657,2],"tags":[151,393,5760,1730,839,3894,9458,9457,1751,509,39,6247],"class_list":["post-32342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-economy-news","category-en","category-news","tag-coinbase","tag-crypto","tag-digital-assets","tag-donald-trump","tag-gary-gensler","tag-hester-peirce","tag-legal-battle","tag-reform","tag-regulation","tag-ripple","tag-sec","tag-u-s-senate"],"yoast_head":"\nCrypto Firms Call for SEC Reform - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/crypto-firms-call-for-sec-reform\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Firms Call for SEC Reform - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"With a Republican majority in the U.S. Senate and a crypto-supportive White House, cryptocurrency firms are pushing for reforms at the SEC. 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