$TRUMP Trump's Political Connections to Cryptocurrency Firms and SEC Reform: A Major Shift in Cryptocurrency Regulation
On the stage of U.S. financial regulation, a transformation regarding cryptocurrency is quietly unfolding, with the cryptocurrency companies behind Trump becoming key drivers of this change.
Recently, under new leadership, the U.S. Securities and Exchange Commission (SEC) has displayed a proactive approach to collaborating with the cryptocurrency industry. This collaboration focuses on two significant areas: cryptocurrency asset custody and tokenized securities. The SEC's cryptocurrency working group has been holding frequent meetings with various cryptocurrency companies to discuss how to encourage innovation in a more relaxed regulatory environment. Behind this series of meetings lies a noteworthy phenomenon: some of the participating cryptocurrency firms have intricate ties to Trump's political network. Among them, Ondo Finance stands out, having donated as much as $1 million to Trump's inauguration fund, and its interactions with the SEC undoubtedly add a complex political layer to this transformation.
The shift in the SEC's regulatory attitude is reflected in several aspects. On one hand, the SEC previously adopted a relatively tough regulatory strategy towards the cryptocurrency industry, frequently initiating lawsuits against cryptocurrency companies. However, recently the SEC has begun to dismiss lawsuits against several major cryptocurrency firms, many of which are associated with Trump's 2024 campaign. This move not only highlights a significant loosening of the SEC's regulatory policies but also gives the cryptocurrency industry a glimpse of broader development opportunities.
On the other hand, the Federal Reserve has also relaxed restrictions on banks participating in cryptocurrency activities at this time. As the core of the financial system, the easing of banks’ participation will inject strong funding and resource support into the cryptocurrency industry, further promoting the prosperity of the cryptocurrency market. The simultaneous actions of these two regulatory agencies lay a new foundation for the future development of the U.S. cryptocurrency industry.
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