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A new SEC cryptocurrency task force announced on Donald Trump’s second day in office helped stoke investor enthusiasm for digital assets as the crypto world awaited the new president’s executive orders.
The goal of the SEC’s “crypto working group” is to help the US regulator “draw clear regulatory lines, provide realistic pathways for registration, craft rational disclosure frameworks and deploy enforcement resources with discretion,” according to the SEC.
The SEC clashed repeatedly with some of the biggest players in the crypto world during Joe Biden’s time in office. Trump promised to replace Biden’s SEC chief, Gary Gensler, with someone more pro-industry.
His pick, Paul Atkins, is still seeking confirmation in the Senate, and SEC Commissioner Mark Uyeda leads the agency as acting chairman.
Industry executives are testing Trump’s new SEC with new applications this week for exchange-traded funds that, if approved, would give investors even more exposure to various crypto assets.
On Tuesday, Rex Shares and Osprey Funds jointly filed seven separate applications to launch crypto-related ETFs, including those holding shares of XRP, SUNDogecoin (DOGE), and the president’s official memecoin (TRUMP). Last year, the SEC allowed BlackRock and other giant money managers to launch spot bitcoin ETFs.
“We’re certainly anticipating a more welcoming approach from the SEC, and you’ll see more product filings from us,” said Matthew Sigel, head of digital asset research at asset manager VanEck, one of the managers authorized to issue spot bitcoin ETFs in 2024.
A slight disappointment for the industry so far this week is that Trump, who by 2024 has pledged to make America the “crypto capital of the planet“— ended his first day in office without mentioning crypto or issuing any executive orders aimed at the industry. Many in the industry still expect those orders to pass.
“The market is absolutely disappointed that there was no activity on the crypto front yesterday,” Dan Hughes, chief technology officer and founder of crypto startup Radix, said in emailed comments.
“Any executive order positively targeting crypto, however minor, would turn the tide pretty quickly,” Hughes added.
One immediate action the new president could have taken is to repeal Biden’s own March 2022 executive order on crypto assets, which urged regulators to “take strong action to reduce the risks that digital assets could pose.”
“I’m a little disappointed that it wasn’t repealed, along with the 80 executive orders that were,” Sigel said of VanEck.
“The longer there is no executive order on this asset class, the more impatient the market is likely to be, but I think (the Trump administration) bought into some of the rhetoric,” Sigel added.
A crucial rule that many in the crypto and banking industry hope to see repealed is an SEC accounting guidance that virtually prevents banks from holding cryptocurrencies in custody for customers.
Donald Trump at the Bitcoin 2024 event in Nashville, Tennessee last July. REUTERS/Kevin Wurm/File photo ·Reuters / Reuters
Much of what Trump has promised the crypto world can be fulfilled with personnel changes. And the incoming administration has already named three pro-crypto regulators as acting heads of regulatory agencies.
On Tuesday, acting FDIC Chairman Travis Hill released a list of priorities for the bank regulatory agency under his watch. One included more transparency in how the agency handles digital assets.
The Commodity and Futures Trading Commission also appointed one of its most crypto-friendly commissioners, Caroline Pham, as acting chair on Monday. Pham, a Biden candidate and former Citigroup banker, supported clearer regulation of digital assets as well as giving the CFTC more oversight to monitor the market.
Many in the crypto industry are willing to wait longer for more substantive changes.
Leonard Lancia, CEO of crypto market maker Portofino Technologies, said that “for the crypto market, the potential for a meaningful and well-thought-out Executive Order (EO) remains an exciting opportunity.”
A regional bank head, Fifth Third CEO Tim Spence, told Yahoo Finance that as the overall regulatory rules for crypto become clearer, stablecoins are an area that Fifth Third Bank would “certainly look at play”.
One of the biggest players in the crypto industry, Coinbase (COIN) CEO Brian Armstrong, he told Yahoo Finance Tuesday that he is convinced Trump “really wants to be the first bitcoin president.”
Brian Armstrong, CEO of Coinbase. REUTERS/Brendan McDermid ·REUTERS / Reuters
Armstrong met with Trump before and after the election to defend the crypto industry.
“Any government that has gold should also have bitcoin as a reserve,” he said, noting: “If the United States gets a strategic reserve of bitcoin, the rest of the G20 will probably follow, or many of them, and that it will only drive bitcoin prices higher.”
David Hollerith is a senior reporter at Yahoo Finance covering banking, crypto and other areas of finance.
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