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The U.S. Securities and Exchange Commission (SEC) reportedly began downsizing its specialized cryptocurrency enforcement unit, according to The New York Times (NYSE:NYT). The unit, which comprises over 50 lawyers and staff, is experiencing internal reassignments, with some members, including a prominent lawyer, being moved to other departments within the SEC.
The reduction in the size of the crypto enforcement team coincides with the SEC’s broader strategy shift under new leadership. The agency’s recent establishment of a crypto task force, which launched a new website today for public and industry engagement, aims to provide clearer regulations for digital assets.
In a statement released Tuesday, Republican Commissioner Hester Peirce highlighted the task force’s mandate to clarify the classification of various crypto assets and activities, determining which should be considered as financial securities. This initiative responds to longstanding calls from the crypto sector for more definitive guidelines, which were not fully addressed during the tenure of former SEC Chair Gary Gensler.
Following President Donald Trump’s reelection and subsequent appointment of Mark T. Uyeda as acting SEC chair, a series of high-level changes have been unfolding. Uyeda, known for his favorable stance on cryptocurrencies, has been making significant appointments amid the restructuring. Additionally, former regulator Paul Atkins, a nominee for the commission’s leadership and a crypto supporter, is expected to further influence the SEC’s approach to digital assets.
The reshuffling of the SEC’s crypto enforcement unit was first reported on February 4 and comes after a series of leadership changes at the agency. These changes have been rapid since President Trump took office on January 20, hinting at a possible shift in regulatory stance towards the crypto industry.
The SEC’s enforcement strategy, which previously resulted in 33 cryptocurrency-related actions against 90 defendants and respondents in 2024, is now under review. The departure of key figures like former Chief Enforcement Officer Gubir Grewal and former SEC Chair Gary Gensler, as well as the recent resignation of Sanjay Wadhwa, the enforcement division’s deputy director, marks a significant transition period for the commission.
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