SEC Reduces Cryptocurrency Enforcement Team Amid Regulatory Changes

According to PANews, the U.S. Securities and Exchange Commission (SEC) is downsizing a special unit dedicated to cryptocurrency enforcement, which previously comprised over 50 lawyers and staff. This move is among the initial steps taken by U.S. President Donald Trump and his administration to lessen regulation on cryptocurrencies and other digital assets. One of Trump's early executive orders aims to promote cryptocurrency development and reduce excessive regulation on digital assets. Sources indicate that some lawyers from the cryptocurrency unit are being reassigned to other departments within the SEC. A senior lawyer from the unit has been transferred out of the enforcement division, with some insiders describing the move as an unfair demotion. Current SEC Acting Chairman Mark T. Uyeda has made several appointments while adjusting other senior positions within the SEC, which employs over 1,000 lawyers. One of Uyeda's initial actions was to establish a group to review the SEC's approach to digital assets. This task force is led by SEC Commissioner Hester Peirce, a vocal supporter of cryptocurrencies.