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The Future of Crypto Enforcement in the U.S.

The Future of Crypto Enforcement in the U.S. The SEC won’t be giving up on enforcing crypto regulations, but what it focuses on will be different, writes a former head of the SEC’s crypto unit. Having served as the first chief of the SEC’s crypto unit from 2017 to 2019, I’m often asked what kind of crypto enforcement we should expect to see from the new administration. My first answer is that I do not know. My second answer is that I believe it will be different, but it will not disappear. To anticipate the future of crypto enforcement, we should begin by reviewing the past. The SEC’s crypto enforcement unit was formed in 2017 during the first Trump Administration. The early focus was on one, fraud, and two, core capital raising events. Regulation of capital raising is the principal purpose of the Securities Act of 1933. When an investor gives money to an entrepreneur who will use it in a business to generate profit, the investor is entitled to certain information about the business. Early crypto investigations were focused on this fundraising activity, which was usually in the form of an unregistered initial coin offering (“ICO”). The idea was that many ICOs at that time were not so different in substance than equity or debt offerings, and should be regulated similarly. The industry responded responsibly and now, crypto entrepreneurs often raise money in compliance with the federal securities laws. In one of several options, some offerings are exempt from SEC registration because they are limited to accredited investors. The entrepreneurs then use the capital to build a blockchain protocol or other crypto product. Once built, sales of tokens probably are not securities offerings because people are not buying tokens as an investment in someone’s business. Even if there is hope for profit, that profit would come from the activities of the buyers and other participants, not the efforts of a central business manager. During the last four years, the SEC has focused more of its enforcement activity on secondary markets such as centralized trading platforms and decentralized protocols. It is less clear how the federal securities laws apply to these markets. These transactions generally do not involve a central entrepreneur collecting money from investors and using it in a business. Instead, there are thousands or even millions of crypto participants interacting with each other, sometimes anonymously via autonomous software. Token buyers might not know who sold them tokens and there may be no central actor that’s key to future success. Federal district courts have reached different conclusions and there are reports that the SEC might drop one of these key cases. More broadly, enforcement became the dominant focus of SEC regulation. The SEC doubled the size of the crypto unit, creating new supervisory and trial attorney positions. It spent years and a tremendous amount of resources litigating several non-fraud cases. Many additional non-unit lawyers worked on crypto investigations, and crypto appeared to be the main focus of SEC enforcement. This approach did not generate useful guidance to the industry. Many SEC rules have technical aspects that are incompatible with the anonymous decentralized ledger that is blockchain technology. Under the enforcement approach of recent years, the very premise of the technology was treated not as a feature, but as a bug. The result was existential enforcement risk to a burgeoning industry and... https://www.coindesk.com/opinion/2025... #crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworldnews ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple