Bloomberg: lawyers expect U.S. SEC to stop aggressively pursuing digital asset space if Trump wins election

On July 20, the cryptocurrency industry is hoping that the upcoming U.S. presidential election will put someone with a more moderate approach to law enforcement in the White House, ending a long battle with Wall Street's top regulator, Bloomberg reported.

Former President Donald Trump has recently become close to the cryptocurrency industry, even inviting supporters to a July 27th Bitcoin fundraiser. While the Republican nominee has criticized cryptocurrencies during his time in office, his recent rhetoric has been much friendlier - and lawyers expect that if he wins, the U.S. Securities and Exchange Commission (SEC) will no longer pursue the digital asset space so aggressively.

“The Trump administration may seek to reset and rethink the SEC's cryptocurrency regulatory policies,” said Michael Selig, a partner at Willkie Farr Gallagher LLP. “Such a reset would naturally involve addressing ongoing enforcement actions and investigations brought by the previous administration.”

Under President Joe Biden's presidency, the SEC has stepped up its efforts to track the industry, and the regulator has filed dozens of enforcement cases, often charging trading platforms and brokers with failing to properly register under the securities laws.