Federal officials stated that the so -called Memeins would not be subject to strict supervision.
A series of investigations for main cryptocurrency firms were stopped.
And the insurance and exchanges commission agreed to stop a fraud issue against a high cryptocurrency entrepreneur.
Just over a month since President Trump’s inauguration, US regulators have almost completely dismantled a government blow for one year in the crypt industry, a deceitful, fraudulent and robbery sector.
Regulators are pursuing the campaign promises that Mr. Trump made last year after he judged donations from cryptocurrency investors with deep pocket and traded his digital currency to the public.
But few in the cryptocurrencies are expected to score so many wins so fast.
Last week, the SEC agreed to abolish its lawsuit against Coinbase, the largest crying company in the United States. Then, in a quick success, top executives in cryptocurrencies Gemini, Opensea and Uniswap Labs announced that the agency had banned its investigations into their companies. An executive at another large crying firm, Consensys, said Thursday that the SEC had agreed to withdraw a lawsuit aimed at one of the well -known company products.
“This marks another milestone until the end of the fight against cryptos,” wrote Cameron Winklevoss, a Gemini founder, on Wednesday. “I’m happy to be back here.”
Rapid fire movements came to a stunning overthrow by regulators that usually move carefully, ready to abandon constant court cases. Case, the SEC is leaving an ambitious legal campaign, led by the Biden Administration, to classify almost all digital coins as securities – and subject to the same strict rules that govern the actions and bonds traded in Wall Street.
The return “shatters the credibility, integrity and reputation of the SEC, and sends the message that it is a political organization that operates based on the latest elections,” said Dennis Kelleher, President Better Markets, a nonprofit pushing for strong adjustment.
Some of the agency’s actions are ready to benefit Mr. Trump or his business partners, creating less precedent conflicts in American history, according to government ethics experts.
This was evident on Thursday, when the SEC said it would not exercise any regulatory authority over the memeins, a dangerous type of cryptocurrency associated with a celebrity or an online joke. A few days before his inauguration, Mr. Trump had created his own dumb, $ Trump, who generated tens of millions of dollars for his family and partners.
This week, the SEC also asked a federal pause judge a great deal of fraud against cryptocurrency entrepreneur, Justin Sun, who invested tens of millions of dollars in another of Trump family’s cryptocurrencies, Liberty Financial. The judge authorized the request.
A representative for Mr. Sun refused to comment. Mark Uyeda, the President of the SEC, said in a statement Thursday that the agency had to “correct its access and develop cryptocurrency policy in a more transparent way”.
Under the Biden administration, the SEC implementation campaign was led by its chair, Gary Gensler, who became an enemy of the Crypto industry. Mr. Gensler filed a lawsuit against a top company of companies, including the exchanges of cryptocurrencies Coinbase, Binance and Kraken.
Mr. Trump pledged to finish that blow. To replace Mr. Gensler in the SEC, he appointed Paul Atkins, a securities lawyer with close links to the cryptocurrency industry. He also folded David Sacks, an entrepreneurial and enthusiastic investor of cryptos, to serve as “the White House and Crypto Czar”.
In his first week in office, Mr. Trump signed an executive order that laid the groundwork for a arrangement of federal cryptic adjustment. Then the sec started to act.
Last week, the agency agreed to remove its lawsuit against Coinbase – a case arguing that the exchange was marketing of unregistered securities – without imposing any financial sentences, in a total victory for the company.
In its lawsuit against Binance, the SCA demanded a 60-day pause, citing efforts to “facilitate the possible resolution of this case”. The agency took even more final steps in some other cases, ending investigations into high -profile companies, including Gemini, the exchange of cryptocurrencies founded by Cameron and Tyler Winklevoss.
Surely the agency’s most important action this week had to do with Mr. Sun.
The founder of a cryptocurrency platform called Rron, Mr. Sun, who was born in China, is one of the most vibrant figures in the crypto world. Last year, he spent $ 6.2 million in a piece of experimental art work – a banana captured on a wall. He continued to eat banana.
In 2023, the SEC filed a lawsuit against Mr. Sun, accusing him of deceiting his cryptocurrency price. “The sun and others used an elderly play book to deceive and harm investors,” said an agency official at the time. Mr. Sun denied the charges.
Mr. Sun is made near Mr. Trump’s inner circle. He spent $ 30 million last year to buy a Cryptocurrency issued by World Liberty Financial, which Mr Trump and his sons have promoted a lot.
Now Mr. Sun appears close to resolving his legal problems in the United States. In a court presented Wednesday, the SEC asked a pause in the matter after both parties “consider a possible resolution”.