Biden’s SEC Seen as Hostile to Crypto
Under Biden, the Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, was widely viewed as antagonistic toward cryptocurrencies. The SEC pursued high-profile lawsuits against major exchanges, including Binance, Coinbase, and Kraken, accusing them of operating unregistered securities exchanges.
In a notable case, the SEC sued Ripple Labs in 2020 over the sale of XRP tokens, alleging it was an unregistered securities offering. While Ripple secured a partial legal victory in 2023, uncertainties linger as the SEC continues its appeal.
Gensler recently announced his resignation ahead of Trump’s inauguration, coinciding with bitcoin’s climb past $100,000.
Trump’s Crypto-Friendly SEC Nominee
Trump announced the nomination of Paul Atkins, a known crypto advocate, as the next SEC chair. Atkins, a former SEC commissioner under President George W. Bush is recognized for his “do no harm” regulatory philosophy.
