SEC Scales Back its Crypto Unit
The United States Securities and Exchange Commission (SEC) has reduced the scope of its efforts to regulate the cryptocurrency market.
Reports indicate that lawyers from the commission’s crypto enforcement unit are being reassigned to other departments, with one top lawyer being moved out of the enforcement division.
This move has been deemed by some as a demotion and could indicate internal disagreements about the agency’s approach to crypto regulation. Last month, President Donald Trump signed an executive order focused on promoting the growth of the crypto industry and reducing regulatory restrictions on digital assets.
In response to this, acting SEC chair Mark Uyeda has formed a team to review the commission’s strategy for dealing with digital assets. This task force is led by SEC Commissioner Hester Peirce, a known advocate for the crypto industry.
