Trump is expected to reduce enforcement in the cryptocurrency sector, shifting priorities to other areas

From Investing.com

November 15, 2024 3:55:40 pm:

Republican President-elect Donald Trump is expected to reduce enforcement in the cryptocurrency sector, shifting focus to other areas like immigration. The U.S. Attorney’s Office in Manhattan will decrease resources for cryptocurrency cases after recent major convictions. Former SEC chair Jay Clayton is set to replace Damian Williams as U.S. attorney in Manhattan.

SEC chair Gary Gensler has been aggressive in policing the crypto industry, targeting large firms like Coinbase and Binance for failing to register. Trump plans to fire Gensler and has not proposed a replacement yet. Many cryptocurrency executives supported Trump’s campaign due to concerns about Gensler’s crackdown.

The Commodity Futures Trading Commission has seen a significant increase in crypto-related cases, with digital assets occupying nearly half of its docket last year. Enforcement director Ian McGinley noted that the focus will continue on fraud and manipulation in crypto markets.

The U.S. Attorney’s Office in Manhattan, known for high-profile financial crime cases, may see a shift towards immigration enforcement under the new administration. Former SEC enforcement leader Steve Peikin praised Jay Clayton’s appointment but expects a reallocation of resources. Despite potential changes, cracking down on financial fraud remains a nonpartisan effort.

Read more at Investing.com: Crypto enforcement seen slowing as Trump shifts priorities By Reuters