The Securities and Exchange Commission (SEC) is downsizing its crypto enforcement unit, which consisted of over 50 lawyers, as part of a strategy under President Trump's administration to ease cryptocurrency regulations. Reports suggest that some staff members from this unit are being reassigned to other SEC departments, raising concerns of unfair demotions. Trump's shift towards embracing cryptocurrencies comes after previously criticizing them, fueled by support from the crypto community. Acting SEC chair Mark T. Uyeda, who is supportive of digital assets, has initiated a review of the SEC's approach towards cryptocurrency regulation.
The SEC is scaling back its dedicated crypto enforcement unit, reallocating lawyers amid a larger shift in regulatory attitude under Trump’s administration.
Trump’s administration is taking steps to mitigate cryptocurrency regulation, marking a significant shift with a top lawyer demoted in the enforcement division.
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