Originally published on: December 09, 2024
In a surprising turn of events, President-elect Donald Trump has nominated Paul Atkins to lead the Securities and Exchange Commission, replacing the outgoing Gary Gensler. This move, announced on Truth Social on Dec. 4, solidifies Trump’s commitment to the cryptocurrency community by selecting a pro-crypto figure with extensive experience in the industry.
Atkins, a former SEC commissioner and the CEO of risk-management consultancy Patomak Global Partners, is set to take the reins at the SEC, fulfilling Trump’s campaign promise to replace Gensler with a pro-crypto chair. Gensler, known for his anti-crypto stance, recently resigned, paving the way for Atkins to step in and steer the SEC in a new direction.
In response to mounting pressure, the SEC has taken a strong stance against crypto exchanges Binance and Binance.US, along with their former CEO Changpeng Zhao. The agency filed an amended lawsuit alleging that these exchanges operated an unregistered securities exchange, specifically citing the sale of 10 cryptocurrencies on the secondary market using the exchange’s native token.
Meanwhile, in Australia, the Securities and Investment Commission has issued proposed guidance aimed at cracking down on unlicensed crypto exchanges and businesses. This move signals a shift toward tighter regulations in the crypto space, with industry experts like Kate Cooper emphasizing the importance of compliance and licensing for crypto firms operating in the region.
On a more somber note, the founder of crypto mixing service Hydra, Stanislav Moiseev, has been sentenced to life in prison by a Russian court for his involvement in operating a criminal organization. Alongside 15 accomplices, Moiseev was found guilty of producing and selling illegal substances, leading to hefty fines and lengthy prison sentences for those involved.
As the crypto regulatory landscape continues to evolve, staying informed and aware of the latest developments is crucial for those navigating the industry. Stay up to date with the latest news and insights on crypto laws and guidelines by subscribing to the Law Decoded newsletter today. Arm yourself with the knowledge needed to make informed decisions in the dynamic world of cryptocurrencies.
