SEC Buttons Down Crypto Oversight, Reassigns Agency Lawyers: Report

As a result of President Donald Trump’s administration’s sweeping changes, the U.S. Securities and Exchange Commission is reducing its particular crypto enforcement unit and appointing a new team of more than 50 attorneys and staff members.

According to a report released on Tuesday by that cited some unidentified individuals, several members of the blockchain device have been relocated to different divisions within the organization.

At least one older lawyer was removed from the police department altogether—a walk some officials described as an “unfair demotion”, per the statement.

The Trump administration’s efforts to stop state interference in electronic resources include the redesign of the crypto product. Since his election campaign, Trump has pledged to stifle regulation in the crypto market and make the United States a world leader in digital assets.

While the SEC has not yet responded to requests for responses from on the reform, Commissioner Hester Peirce, who now leads the company’s recently formed crypto work force, has signaled a significant change in the company’s objectives.

Peirce, a longtime advocate for clearer bitcoin guidelines, blasted the SEC’s earlier regulatory strategy in a statement Tuesday, calling it “marked by constitutional imprecision and professional impracticality”.

Peirce, who is dubbed” Crypto Mom” by those in the market, compared the company’s prior handling of digital goods to” a vehicles careening down the road” and vowed to present a more balanced framework.

The staff reassignment also raises concerns about continuous SEC lawsuits against significant crypto companies, including Coinbase, a market leader. In 2023, the SEC sued the change, alleging that it ran an unlicensed securities platform.

Previous Chair Gary Gensler’s claim that the majority of cryptocurrencies should be classified as securities was met with scorn in that case.

During Gensler’s career, many business leaders shot up, accusing the SEC of attempting to “unlawfully shoot” the crypto market while refusing to give clear governmental guidelines.

The SEC’s reform is just one part of the Trump administration’s broader energy to update the rulebook on bitcoin. &nbsp,

The organization discontinued Staff Accounting Bulletin No. next month. 121 ( SAB121 ), a controversial policy that forced firms to treat customer-held crypto as a liability. &nbsp,

Reviewers, including Peirce, said the law unfairly burdened institutions and kept them from embracing electronic goods.

In one of his first executive orders, the president established a presidential working group on crypto policy and outright prohibited the development of a central bank digital currency ( CBDC ), which would be a clear rejection of a government-issued “digital dollar.”