Trump’s SEC Revamp: Crypto-Friendly Shift Begins

US President Donald Trump has promised a change of course by the Securities and Exchange Commission (SEC) when it comes to crypto regulation. First result: “Mama Crypto” Hester Peirce takes over the chairmanship of a new SEC working group.

In his inaugural speech as US President on Monday, Donald Trump did not mention Bitcoin or crypto – this was noted carefully

But when Trump then began signing decrees in the White House, he at least partially fulfilled his campaign promise to implement a new course at the US Securities and Exchange Commission (SEC). The SEC is to turn from the previous “fight against crypto” to a practice-oriented path and start a constructive dialogue with the crypto industry.

Trump appointed Mark Uyeda, who was already on the board of the authority, as interim head of the SEC. Paul Atkins is actually supposed to head the SEC in the future, but the appointment still has to be confirmed by the Senate.

In the meantime, Uyeda is creating the first facts that are in favor of the crypto industry. In a press release , the SEC announced that Uyeda had initiated the formation of a new crypto working group and appointed Hester Peirce to chair it.

Like Uyeda, the 55-year-old had previously been on the SEC board, but the two crypto-friendly Republicans had no real chance of prevailing against the Democratic majority of the now-outgoing SEC President Gary Gensler. “The SEC can do better,” Uyeda now said. He entrusts Peirce with the task of designing a “regulatory path” that makes clear how crypto companies can register in compliance with the law and no longer encounter a “hostile environment for innovation.”

“Mama Crypto” Peirce takes responsibility for Bitcoin and Co.

Hester Peirce is nicknamed “Mama Crypto” in the crypto scene, which she earned by repeatedly publicly contradicting the hated Gary Gensler. As early as 2020, Peirce presented the proposal that blockchain projects should be subject to a three-year “safe harbor period” during which no registration with the SEC would be necessary and securities laws would not be applied. This would at least temporarily solve the problem of many cryptocurrencies, which the SEC under Gensler regularly equated with securities and thus threatened their existence.

Regarding the new SEC crypto working group organized by Donald Trump, Peirce said it would take “time, patience and a lot of work.” To be successful, the committee should consider suggestions from a wide range of investors, industrialists, academics and other interested parties. Peirce announced “round tables” on crypto issues and also invited the public to participate.

Conclusion: New wind in the SEC after Donald Trump takes office

The announcement about the new SEC working group led by “Mama Crypto” Hester Peirce can also be read as a reckoning with the agency’s work to date. This fits with Donald Trump’s campaign promises to kick Gensler out and get the SEC on a crypto-friendly course. A first step has now been taken, but Trump has not yet heard anything from the White House about the plan for a state Bitcoin reserve in the USA.

But David Sacks is now moving into an office there in the equally new position of “Crypto Czar,” and with personalities such as Hester Peirce, Mark Uyeda, and soon Paul Atkins, the direction is clear: Trump is serious about his vision of making the USA the number one point of contact for the crypto industry.

He is aware that this also requires an inviting legal situation and suitable contacts. But it won’t happen overnight, as many super-optimists had hoped. Ripple (XRP) was particularly conspicuously harassed by the SEC in a legal battle that lasted for years – there, General Counsel Stuart Alderoty welcomed the SEC’s reorganization by X as the beginning of repairing the damage that the “old” SEC had caused.

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(Featured image by Traxer via Unsplash)

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