Union official Declared This so -called memecoin will not be subject to strict inspection.
A series of investigation into major cryptocurrency firms were stopped.
And the Securities and Exchange Commission agreed to stop the fraud case against a top crypto entrepreneur.
A month after President Trump’s inauguration, American registers have almost completely eliminated a one -year government rift on the crypto industry, fraud, scam and theft with a unstable region.
The regulatory campaign is following through promises that Mr. Trump made last year, as he donated from deep -pocket crypto investors and marketed his digital currency to the public.
But some in the Crypto industry expected such a win so soon.
Last week, SEC agreed to leave its case against the United States’s largest crypto company Coinbase. Then, in rapid succession, top officer in crypto firms Gemini, Opensia And Uniswap labs It was announced that the agency had stopped its investigation into its companies. Another major crypto firm, an executive, ConsentOn Thursday, SEC had agreed to withdraw the case targeting one of the popular products of the company.
“This is another milestone for the end of the war on Crypto,” Cameron Winklevos, a Gemini Founder, wrote On Wednesday at X. “I am happy that I am happy to fold the page here.”
Rapid-fire legal tricks are a surprisingly reversed by regulators who are usually reluctant to leave the ongoing litigation. In the case of case, the SEC is behind an ambitious legal operation led by the Biden administration, which is to classify almost all digital coins as securities – and subjugates them to the same strict rules that control the stock and bonds traded on Wall Street.
Reversal “reduces the reliability, integrity and reputation of SEC, and sends the message that it is a political organization that works on the most recent election,” Dennis Kelher, president of Better Markets, a non -profit that pushes for strong regulation.
According to government ethics experts, some agency tasks have been designed to directly benefit Mr. Trump or his business partners, which create a conflict of interest in American history with little example.
This was clear on Thursday when the SEC said it would not use any regulatory authority on memecoin, a celebrity or a risky type of cryptocurrency associated with online joke. Prior to his inauguration, Mr. Trump made his Memcoin, $ Trump, who produced millions of dollars for his family and his colleagues.
This week, SEC also asked a federal judge to stop a major fraud case against Crypto entrepreneur Justin Sun, who invested millions of dollars in one of the Trump family’s Crypto Ventures, World Liberty Financial. The judge authorized the request.
A representative of Mr. Sun refused to comment. SEC acting president Mark Uyda said in a statement on Thursday that the agency needs to “improve its approach and develop the Crypto policy in a more transparent manner”.
Under the Biden administration, the SEC’s enforcement campaign was led by its chair Gary Gainsler, which became the enemy of the Crypto industry. Mr. Gainser filed suit against a group of top companies, including Crypto Exchange Coinbase, Benance and Crackon.
Mr. Trump vowed to end that crack. To replace Mr. Gennsler at SEC, he nominated a securities lawyer Paul Atkins with a close relationship with the Crypto industry. He also tapped an enterprise investor and Crypto enthusiastic David Sachs to serve as “White House AI and Crypto Caesar”.
In his first week in the office, Mr. Trump signed an executive order, which prepared the basis for an overhaul for federal crypto regulation. The SEC then started acting.
Last week, the agency agreed to quit its trial against the coinbase – a case arguing that the exchange was marketing unregistered securities – in the total victory for the company, without implementing any financial punishment.
In his case against BinasThe SEC requested a 60-day stagnation, citing efforts to “facilitate the possible solution to the case”. The agency took even more definite steps in many other cases, abolishing the investigation of high-profile companies including Gemini, Crypto Exchange established by Cameron and Tyler Vinkalvoss.
This week the most important action of the agency is related to Mr. Sun.
The Crypto is one of the most colorful figures in the world, Sri Sun, the founder of a crypto platform called Tron,, Sri Sun, who was born in China. Last year, he spent $ 6.2 million on an experimental piece of artwork – a banana tapped on a wall. He went ahead Eat banana.
In 2023, SEC filed a case against Sri Sun, in which he was cheated and manipulated the price of his cryptocurrency. “Sun and others used an old old playbook to mislead and harm investors,” an agency officer Said Those days. Mr. Sun denied the allegations.
Shri Sun is close to Sri Trump’s inner circle. He spent $ 30 million last year to buy a cryptocurrency issued by the World Liberty Financial, which Mr. Trump and his sons have campaigned heavy.
Now Mr. Sun appears close to solving his legal problems in the United States. In filing in a court on Wednesday, the SEC requested a stagnation in the case as the two sides “consider a possible resolution.”
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