Crypto just received another signal that the U.S. regulatory crackdown is waning. After waging an aggressive legal campaign against Binance for years, the Securities and Exchange Commission has agreed to pause its lawsuit for 60 days, according to a Monday Bitcoin, cryptocurrencies were akin to securities. Therefore, cryptocurrencies were subject to the same laws that govern stocks and bonds, according to the SEC’s legal analysis.
The crypto industry has long vehemently disagreed with this assessment and, in the run-up to the 2024 elections, the crypto industry launched a full-scale lobbying campaign to elect pro-crypto politicians. In total, lobbyists donated $133 million to help sway the 2024 elections, according to crypto researcher Molly White.
As crypto became an issue on the ballot, Trump became more vocal in his support of the industry. At a Bitcoin conference in July, he declared that he was a “pro-Bitcoin president.”
Since his inauguration, Trump has followed through on his promises to the crypto industry. He’s released Silk Road founder Ross Ulbricht, whose dark web marketplace helped launch Bitcoin onto the national stage. And he’s signed an executive order that asks the government to explore the addition of a national digital asset stockpile.
Paul Atkins, his nominee to lead the SEC, is also a crypto supporter.
