According to The New York Times, the U.S. Securities and Exchange Commission (SEC) is reducing its enforcement actions in the digital currency sector. The organization, with a unit of about 50 members to pursue lawsuits against crypto industry players, is downsizing its workforce. As a result, a senior lawyer responsible for digital currency cases has been removed from the executive branch. These changes follow the departure of Gary Gensler, the former SEC chairman and a staunch crypto opponent. With the change in SEC leadership, the commission’s enforcement policies in the crypto sector have been affected. Interim Chairman, Mark Oviedo, and Commissioner Hester Pierce have been critics of previous actions. Pierce is now in charge of a new task force to regulate laws in the digital currency industry. The task force has its own dedicated page on the SEC website and its priorities include assessing the status of digital assets, identifying areas outside the SEC’s jurisdiction, drafting a secure framework for tokens, and determining appropriate custody regulations. Stuart Aldroti, a senior advisor at Ripple, has supported Pierce, considering her a steady voice against the strict policies of the previous government. He described the new SEC actions as a sign of a change in approach within the organization and expressed hope to meet with Pierce in 2025. According to reports, the new SEC management is reviewing the suspension and dismissal of some non-fraudulent cases in the digital currency sector.
