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The SEC Is Abandoning Its Biggest Crypto Lawsuits
Regulators at the US Securities and Exchange Commission have called a sudden truce with the cryptocurrency industry, bringing an end to years of legal conflict.
The US Securities and Exchange Commission (SEC) is backing away, one-by-one, from the volley of lawsuits and investigations it brought against cryptocurrency businesses under the Joe Biden administration, in a reversal described by a former attorney at the regulatory agency as “unprecedented.” Having witnessed the efficacy of the crypto lobbying machine, politicians concerned about the security of their own seats are potentially less likely to voice opposition to the industry in future, claims Scaramucci, which in turn increases the chances of crypto-specific regulation falling into place and crypto-focused legislation making it into law. The obvious benefits for crypto businesses associated with the changes at the SEC must be weighed against the potential reputational downsides that come with the unwillingness of the new-look agency to police the most unserious and grift-heavy corners of the sector.
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