{"id":9477,"date":"2025-02-28T17:34:59","date_gmt":"2025-02-28T17:34:59","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/under-trump-u-s-dismantles-crypto-crackdown\/"},"modified":"2025-02-28T17:34:59","modified_gmt":"2025-02-28T17:34:59","slug":"under-trump-u-s-dismantles-crypto-crackdown","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/under-trump-u-s-dismantles-crypto-crackdown\/","title":{"rendered":"Under Trump, U.S. Dismantles Crypto Crackdown"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Federal officials <a class=\"css-yywogo\" href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/staff-statement-meme-coins?utm_medium=email&amp;utm_source=govdelivery\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">declared<\/a> that so-called memecoins would not be subject to strict oversight.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A series of investigations into major cryptocurrency firms were halted.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">And the Securities and Exchange Commission agreed to pause a fraud case against a top crypto entrepreneur.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Just over a month since President Trump\u2019s inauguration, U.S. regulators have almost entirely dismantled a yearslong government crackdown on the crypto industry, a volatile sector rife with <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/22\/technology\/crypto-exchange-bybit-hack.html\" title=\"\">fraud, scams and theft<\/a>.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Regulators are following through on campaign promises that Mr. Trump made last year, as he courted donations from deep-pocketed crypto investors and marketed his own digital currency to the public.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">But few in the crypto industry expected to notch so many victories so quickly.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Last week, the S.E.C. <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/21\/technology\/coinbase-sec-lawsuit.html\" title=\"\">agreed<\/a> to drop its lawsuit against Coinbase, the largest crypto company in the United States. Then, in rapid succession, top executives at the crypto firms <a class=\"css-yywogo\" href=\"https:\/\/x.com\/cameron\/status\/1894876433979154893\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Gemini<\/a>, <a class=\"css-yywogo\" href=\"https:\/\/x.com\/dfinzer\/status\/1893086281300582772\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">OpenSea<\/a> and <a class=\"css-yywogo\" href=\"https:\/\/x.com\/Blockworks_\/status\/1894456699299209312\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Uniswap Labs<\/a> announced that the agency had halted its investigations into their companies. An executive at another major crypto firm, <a class=\"css-yywogo\" href=\"https:\/\/x.com\/ethereumJoseph\/status\/1895156943972639243\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Consensys<\/a>, said on Thursday that the S.E.C. had agreed to withdraw a lawsuit targeting one of the company\u2019s popular products.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThis marks another milestone to the end of the war on crypto,\u201d Cameron Winklevoss, a Gemini founder, <a class=\"css-yywogo\" href=\"https:\/\/x.com\/cameron\/status\/1894876433979154893\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">wrote<\/a> on X on Wednesday. \u201cI\u2019m glad to be turning the page here.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The rapid-fire legal moves amounted to an astonishing reversal by regulators who usually move with caution, reluctant to abandon ongoing litigation. Case by case, the S.E.C. is backing away from an ambitious legal campaign, led by the Biden administration, to classify nearly all digital coins as securities \u2014 and subject them to the same strict rules that govern stocks and bonds traded on Wall Street.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The reversal \u201cshreds the S.E.C.\u2019s credibility, integrity, and reputation, and sends the message that it\u2019s a political organization that acts based on the most recent election,\u201d said Dennis Kelleher, the president of Better Markets, a nonprofit that pushes for strong regulation.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Some of the agency\u2019s actions are poised to directly benefit Mr. Trump or his business partners, creating conflicts of interest with <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/12\/10\/us\/politics\/eric-trump-cryptocurrency-conference.html\" title=\"\">little precedent<\/a> in American history, according to government ethics experts.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">That was evident <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/27\/business\/sec-memecoins.html\" title=\"\">on Thursday<\/a>, when the S.E.C. said it would not exercise any regulatory authority over memecoins, a risky type of cryptocurrency linked to a celebrity or an online joke. Days before his inauguration, Mr. Trump had created his own memecoin, $Trump, which <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/09\/us\/politics\/trump-crypto-memecoin.html\" title=\"\">generated<\/a> tens of millions of dollars for his family and its partners.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">This week, the S.E.C. also asked a federal judge to pause a major fraud case against the crypto entrepreneur Justin Sun, who invested tens of millions of dollars in another of the Trump family\u2019s crypto ventures, World Liberty Financial. The judge authorized the request.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A representative for Mr. Sun declined to comment. Mark Uyeda, the S.E.C.\u2019s acting chairman, said in a statement on Thursday that the agency needed to \u201crectify its approach and develop crypto policy in a more transparent manner.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Under the Biden administration, the S.E.C.\u2019s enforcement campaign was led by its chair, <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2022\/11\/21\/technology\/gary-gensler-crypto-sec.html\" title=\"\">Gary Gensler<\/a>, who became an enemy of the crypto industry. Mr. Gensler filed lawsuits against a slew of top companies, including the crypto exchanges Coinbase, Binance and Kraken.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump vowed to end that crackdown. To replace Mr. Gensler at the S.E.C., he nominated <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/12\/04\/business\/trump-sec-paul-atkins.html\" title=\"\">Paul Atkins<\/a>, a securities lawyer with close ties to the crypto industry. He also tapped David Sacks, a venture investor and crypto enthusiast, to serve as \u201cWhite House A.I. and Crypto Czar.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In his first week in office, Mr. Trump <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/23\/technology\/trump-crypto-executive-order.html\" title=\"\">signed<\/a> an executive order that laid the groundwork for an overhaul to federal crypto regulation. Then the S.E.C. started acting.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Last week, the agency agreed to drop its lawsuit against Coinbase \u2014 a case arguing that the exchange was marketing unregistered securities \u2014 without imposing any financial penalty, in a total victory for the company.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In its lawsuit against <a class=\"css-yywogo\" href=\"https:\/\/www.reuters.com\/legal\/us-sec-case-against-crypto-exchange-binance-put-hold-2025-02-13\/#:~:text=Feb%2013%20(Reuters)%20%2D%20A,the%20world's%20largest%20cryptocurrency%20exchange.\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Binance<\/a>, the S.E.C. requested a 60-day pause, citing efforts to \u201cfacilitate the potential resolution of this case.\u201d The agency took even more definitive steps in several other cases, ending investigations into high-profile companies including Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Arguably the agency\u2019s most significant action this week concerned Mr. Sun.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The founder of a crypto platform called Tron, Mr. Sun, who was born in China, is among the most colorful figures in the crypto world. Last year, he <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/11\/28\/nyregion\/banana-sothebys-fruit-stand.html\" title=\"\">spent<\/a> $6.2 million on an experimental piece of artwork \u2014 a banana taped to a wall. He proceeded to <a class=\"css-yywogo\" href=\"https:\/\/www.youtube.com\/watch?v=wi-SpvQMGQU\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">eat<\/a> the banana.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In 2023, the S.E.C. <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2023\/03\/22\/technology\/justin-sun-sec-crypto.html\" title=\"\">filed<\/a> a lawsuit against Mr. Sun, accusing him of fraudulently manipulating the price of his cryptocurrency. \u201cSun and others used an age-old playbook to mislead and harm investors,\u201d an agency official <a class=\"css-yywogo\" href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2023-59\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">said<\/a> at the time. Mr. Sun denied the allegations.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Mr. Sun has become close to Mr. Trump\u2019s inner circle. He spent $30 million last year to buy a cryptocurrency released by World Liberty Financial, which Mr. Trump and his sons have heavily promoted.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Now Mr. Sun appears close to resolving his legal problems in the United States. In a court filing on Wednesday, the S.E.C. requested a pause in the case as both sides \u201cconsider a potential resolution.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/02\/28\/technology\/crypto-sec-trump.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal officials declared that so-called memecoins would not be subject to strict oversight. A series of investigations into major cryptocurrency<\/p>\n","protected":false},"author":1,"featured_media":9478,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[3347,3346,2882,1178,114,3345,219,1861,193,3344,113,111,176,3348],"class_list":["post-9477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-binance","tag-bittorrent","tag-coinbase-inc","tag-corporations","tag-donald-j","tag-justin-1990","tag-regulation-and-deregulation-of-industry","tag-securities-and-exchange-commission","tag-suits-and-litigation-civil","tag-sun","tag-trump","tag-united-states-politics-and-government","tag-virtual-currency","tag-world-liberty-financial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Under Trump, U.S. Dismantles Crypto Crackdown - World News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/site.itshrt.com\/worldnews\/under-trump-u-s-dismantles-crypto-crackdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Under Trump, U.S. Dismantles Crypto Crackdown - World News\" \/>\n<meta property=\"og:description\" content=\"Federal officials declared that so-called memecoins would not be subject to strict oversight. 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minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/site.itshrt.com\/worldnews\/under-trump-u-s-dismantles-crypto-crackdown\/#article","isPartOf":{"@id":"https:\/\/site.itshrt.com\/worldnews\/under-trump-u-s-dismantles-crypto-crackdown\/"},"author":{"name":"News","@id":"https:\/\/site.itshrt.com\/worldnews\/#\/schema\/person\/1d8ae7348e048cb7984f26b4dd818ff2"},"headline":"Under Trump, U.S. Dismantles Crypto 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