Several Seasoned SEC Attorneys Set to Leave Crypto Division
According to reports, a number of experienced enforcement attorneys within the U.S. Securities and Exchange Commission’s (SEC) crypto assets and cyber division are preparing to leave their positions. The increasing circulation of resumes from current SEC staff suggests that many of them are looking for new opportunities elsewhere. This news comes amid growing discontent within the crypto industry regarding the perceived restrictive approach of SEC Chair Gary Gensler towards companies.
SEC Seeks Record Funding Amid Potential Attrition
The SEC is reportedly seeking a record funding request of $2.4 billion, with a portion allocated to bolstering the crypto assets and cyber unit. The agency aims to add 170 staff positions to enhance its oversight of the complex and evolving crypto market. However, this move has been met with backlash from the industry, which views it as aggressive regulatory overreach, particularly in decentralized finance (defi).
Speculation Surrounds Gensler’s Future
The upcoming U.S. presidential election adds further uncertainty to the SEC’s leadership. If President Joe Biden secures a second term, Gensler’s chairmanship could extend until 2026. On the other hand, a victory for Donald Trump or another Republican candidate could shift the SEC’s direction. This intertwining of political outcomes with regulatory strategies raises questions about the future impartiality and effectiveness of the Commission in the crypto industry.
Potential Implications for Crypto Sector
If Gensler were to resist resignation in the event of a Republican win, breaking away from historical norms, it could have significant implications for the cryptocurrency sector. The lack of established precedent for removing an SEC commissioner “for cause” during a transition of power creates a unique challenge. The outcome of this political chess game will likely have a profound impact on the industry.
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