Table of Contents
As the new Republican administration led by President-elect Donald Trump gears up, crypto enthusiasts are predicting a loosened grip on cryptocurrency law enforcement. But don’t get too excited—this comes with a major reshuffle in regulatory priorities.
At a legal conference in New York, seasoned government lawyers (both active and retired) noted that while the Department of Justice will still go after financial fraud cases, their spotlight might shift to immigration law enforcement—one of Trump’s big campaign promises.
Scott Hartman, deputy chief of the securities and commodities fraud unit at the Manhattan U.S. Attorney’s Office, highlighted that resources for monitoring crypto crimes will take a backseat. Those resources, he explained, are being redirected to areas deemed more pressing by the new administration.
In short: less crypto cop drama, but keep an eye out for tighter oversight in other sectors.
High-Profile Crypto Cases: From Sam Bankman-Fried to Shifting Strategies
Hartman shared these insights fresh off the back of his office’s success with high-profile cases, including the trial of FTX founder Sam Bankman-Fried. It seems even the crypto world isn’t immune to courtroom drama!
He noted that while his team has tackled some blockbuster fraud cases, a dwindling number of prosecutors might force other regulators to step up and fill the oversight gap. At a Practising Law Institute event, Hartman reminisced about the “crypto winter” of 2022, which left a trail of fraud cases in its chilly wake.
But with a shakeup in leadership and government priorities on the horizon, the future of crypto enforcement looks anything but frozen. Enter Jay Clayton, rumored to be Trump’s pick for U.S. Attorney in Manhattan. Clayton, who previously led the SEC during Trump’s first term, has a less aggressive stance on crypto compared to his successor, Gary Gensler.
And let’s not forget Gensler—crypto’s current nemesis—who’s been busy cracking down on major players like Coinbase and Binance for alleged registration violations. But with Trump hinting at Gensler’s removal, the crypto industry is bracing for what could be a regulatory thaw.
In other words, it’s like musical chairs for regulators—except the stakes are billions in Bitcoin, not just a seat!
- US Government Kicks Off a Bitcoin Rodeo Again: $1.9 Billion Transfer Leaves Crypto World Baffled! - December 4, 2024
- Bitcoin Mining Data Brightens Up in Early November – Miners Finally Catch a Break! - November 20, 2024
- Coinbase CEO and Donald Trump Discuss Staffing Decisions in the Upcoming Administration - November 20, 2024