America's War on Crypto

The crypto industry recently held a Consensus 2023 industry event in Austin, Texas. It was a 3 day event featuring numerous panels/sessions with speakers/representatives from both crypto and non-crypto companies/industries as well as representatives from various government regulators.

The event covered many topics including:

• efforts by large, mainstream companies like PepsiCo that are looking for opportunities in the crypto space
• a merger of traditional finance with blockchain governance
• plans by large banks to innovate in tokenizing traditional-financial assets

Crypto isn't just the wild west purview of money launderers and dark web ne'er do wells. There is serious financial/corporate activity happening in the crypto world now.

Valid Criticisms or Propaganda?​

Anti-crypto voices have tried to vilify the crypto industry on environmental concerns - claiming that crypto consumes too much energy. However, like most nascent technologies, they evolve with innovation when there is sufficient interest.

Bitcoin (BTC) was the first crypto coin and it was built on a "proof of work" model. This model is energy intensive by design and it also didn't scale well for handling a large volume of transactions. So, "proof of stake" crypto were developed that were orders of magnitude more efficient and scalable. Ethereum (ETH) transitioned from a proof of work model to a proof of stake model for this reason - and it's still not done being developed. Stellar (XLM) was developed on another "proof of agreement" model that claims to be several more orders of magnitude more efficient than proof of stake models - and even more energy efficient than traditional finance like credit cards:

Electricity Consumption of a Distributed Consensus Algorithm | LUP Student Papers

The efficiency of proof of work and proof of stake based cryptos are still being improved in many cases by the development of new technologies like parallel blockchains (aka parachains, cross chains, etc.) that distribute transaction loads and zero knowledge proofs (which could be very significant for Bitcoin in particular).

In addition to the developers of various crypto projects being sensitive to the energy costs from a design standpoint, the decentralized network of node operators (and bitcoin miners) that implement the crypto protocols (than operate the computer servers on the network) are also increasingly using more green energy sources:

... There has also been a shift toward using more renewable energy sources to power cryptocurrency mining. One 2020 study found that around 39% of the energy consumed by PoW cryptocurrencies is from renewable energy sources, up from 28% reported in a previous study. This percentage is likely to rise as renewables become more affordable in the future.
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Biden's 30% Crypto Electricity Tax May Be Too Blunt A Solution

In his latest budget for Fiscal Year 2024, President Biden has proposed a new tax on electricity use from cryptocurrency mining.

www.forbes.com

Crypto Threatened by Government Hostility​

The Biden administration has been very open about their hostility to the crypto industry:

It’s a safe bet that 80-year-old President Biden—like his 76-year-old predecessor—has never bought Bitcoin, used a stablecoin, or tried out Web3. But that didn’t stop Biden’s underlings at the White House from issuing a blog post on Friday, decrying crypto as predatory and dangerous. The document reads like a diatribe and even has a whiff of moral panic—as if Biden had instructed the makers of Reefer Madness to turn their attention to digital currency.
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The Biden White House just rolled out some of its most anti-crypto language yet. They may regret it

The White House rolled out an aggressive anti-crypto stance that could come to bite Democrats in the long term.

fortune.com

The White House Council of Economic Advisers delivered a 35-page takedown of the idea that digital assets like Bitcoin are useful as an alternative to government-backed currency, the claim that crypto’s underlying distributed ledger technology could have some utopian application, and the notion that it could serve as a hedge against inflation.

“Although the underlying technologies are a clever solution for the problem of how to execute transactions without a trusted authority, crypto assets currently do not offer widespread economic benefits,” the council writes. “They are largely speculative investment vehicles and are not an effective alternative to fiat currency. Also, they are too risky at present to function as payment instruments or to expand financial inclusion.”

The extended crypto criticism, which fills one chapter in a book-length annual report the White House sends to Congress each year, represents a stark change in tone from President Joe Biden’s administration.

One year ago, Biden signed an executive order asking federal agencies to look at ways of curtailing the risks of crypto without stifling “financial innovation.” This week’s report makes clear the White House thinks crypto can’t innovate much besides the same kinds of financial disasters that prompted Congress to regulate the banking industry a century ago.
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White House Slams Crypto As Offering 'No Widespread Economic Benefits'

The Biden administration has soured on crypto after several high-profile industry failures.

www.huffpost.com

Crypto faces similar hostility within the legislative branch from a group of Senators led by Elizabeth Warren.

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Now, influential Democrat senator Elizabeth Warren has signaled she's "building an anti-crypto army" as part of her re-election campaign following a warning from crypto lobby group Coin Center that a crackdown on TikTok could pave the way for a bitcoin ban.

"I’m in this fight to put our government on the side of working families," the former U.S. presidential hopeful posted to Twitter, embracing a quote from a recent Politico profile that said she's "building an anti-crypto army."

Warren, who is on the Senate Banking Committee that oversees the U.S. Securities and Exchange Commission (SEC), has been at the vanguard of a slew of anti-bitcoin and crypto bills that have been introduced over the last year.
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Elizabeth Warren Is Building An ‘Anti-Crypto Army’—Feeding Serious U.S. Bitcoin Ban Warnings

Bitcoin and crypto companies are struggling with the growing possibility that the U.S. is trying to "quietly" ban bitcoin...

www.forbes.com

Three Pronged Attack​

The American government is currently employing a three pronged attack on the crypto industry in an attempt to suffocate it.

Prong number one makes headlines in most news media and involves the SEC purposefully maintaining vague guidance and attacking companies with lawsuits. Their behavior has been so egregious that it has drawn dissent from their own ranks and from Congress. The SEC has apparently been tasked to be the Biden administration's Shawshank warden Samuel Norton in obtusely responding to the crypto industry. There really isn't any other way to explain SEC chair Gensler's blatant hypocrisy.

Prong number two has flown under the radar of most news media and involves the revival of Operation Choke Point - an Obama era program that aimed to de-bank lawful industries that the administration disfavored. The operation was shut down circa 2017, but is now making a comeback targeting the crypto industry. Cooper & Kirk, a law firm that sued FDIC, OCC & Fed over the original Operation Choke Point, published a detailed summary of Operation Choke Point 2.0.

Former Congressman Barney Frank, a board member of Signature Bank, alleged that the bank was solvent and seized by regulators to debank it's crypto clients. The move sparked contagion in the regional banking industry and prompted some members of Congress to question the FDIC's actions. When the FDIC solicited bids for Signature bank, they split off Signature's crypto clients effectively de-banking them.

The third prong involves legislation and executive orders designed to handcuff the crypto industry including increasing taxes on bitcoin miners and regulations.

Stablecoins - Kind of a Big Deal​

Stablecoins, such as US Dollar Coin (USDC) and Tether (USDT), are cryptocurrencies that are backed by national currencies. They are essentially tokenized forms of the underlying legal tender they represent. Unfortunately for the Federal reserve, US Treasury Dept., etc., they enable transactions that do not process through the US banking system. As such, they have drawn particular interest from the Biden administration.

Stablecoins provide an open door for global entities to conduct dollar denominated transactions that could bypass US sanctions. They provide an opportunity for people in nations with high inflation to save money in dollar denominated currency that bypasses official dollar exchanges (or prohibitions). The adoption and growth of stablecoins would appear to be a direct threat to any possible plans for a Central Bank Digital Currency (CBDC).

Futile and Stupid Gesture​

The Biden administration's effort are provoking a chilling effect of the domestic crypto industry and forcing much of America's leadership in innovation and development to expatriate to friendlier shores. What the Biden administration does not appear to realize is that crypto is global. They are not going to be able to choke the global industry with an iron fist. Pandora's box has been opened. The crypto industries will continue to innovate and grow with new financial and commercial applications. It will be a true shame if America abdicates their position in leading the charge.

 

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Here's a partial transcript of Trump's speech. If I come across a vid, I'll post it.

In Donald Trump's Own Words – a Partial Transcript of His Bitcoin 2024 Speech​

Updated Jul 27, 2024 at 6:09 p.m. EDT

(The following excerpts from former President Donald Trump's speech – aided by AI transcription – focus on portions of his remarks in Nashville, Tenn., in which he addressed crypto and the industry directly.)

Donald Trump: Our country is blessed to have the extraordinary talent, energy and genius represented in this room. It really is great genius. Not all of you, but most of you, many of you, this is the kind of spirit that built America. This is the spirit that's going to help us make America great again. That's what we're doing. I stand before you today filled with respect and admiration for what the Bitcoin community has achieved. It's incredible, actually, I sort of say to my sons, it's like incredible, because they do so much about– it is so they're so aware of it, much more so than people that are a little bit older. But I say this is the steel industry of 100 years ago, really is. I think you're just in your infancy. I can see it happen. In just 15 years, Bitcoin has gone from merely an idea posted anonymously on an internet message board to being the ninth most valuable asset anywhere in the world. Can you believe that? Is that right? That's a big deal. Think of that. It's already bigger than Exxon Mobil. Soon it will be surpassing the entire market cap of silver. It's not bad about gold. How about gold? Let's go gold. …

One day it probably will overtake gold, but based on the way it's going now, it could very well be a possibility. There's never been anything like it, and I don't think you've ever seen anything like it, and most people have no idea what the hell it is. You know that, right? So what happens when they figure it out? That's going to really be something? Bitcoin is not just a marvel of technology, as you know, it's a miracle of cooperation and human achievement and a lot of relationships that are formed. They just did a meeting, a roundtable, with a lot of the leaders, and it's amazing. There's a great camaraderie. It's really interesting. There's obviously– there's competition, but there's a relationship. There's a friendship that's developed with a lot of these people. I noticed, and I don't usually see that too often; I see the opposite. Actually, they want to, they want to get each other. They want to kill each other. These guys have a great feeling. Very smart people, too. Congratulations on all that you've accomplished. This room is amazing. The people in this room – high-IQ individuals. I'm running against a low-IQ individual, her, I'm not even talking about him, her, I got a low-IQ individual. …

You can read the rest here:

In Donald Trump's Own Words – a Partial Transcript of His Bitcoin 2024 Speech

"You are the modern-day Edisons and Wright brothers and Carnegies and Henry Fords, and what you do in your lifetime stands a chance to outlive us all," Trump told the crypto crowd.

www.coindesk.com

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Cynthia Lummis Slams Biden's 30% Bitcoin Mining Tax Proposal, Vice President Kamala Harris Snubs Bitcoin Conference And More: Top Crypto Updates This Week

The week was a whirlwind of cryptocurrency news, with big names like Elon Musk and Vice President Kamala Harris making headlines.

www.benzinga.com

 

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July 27, 2024

Washington, D.C.— Today, during Bitcoin 2024, U.S. Senator Cynthia Lummis (R-WY) announced a revolutionary proposal to supercharge the U.S. dollar by establishing a strategic Bitcoin reserve to fortify the dollar against rising inflation and cement U.S. leadership in the rapidly evolving global financial system.

“Establishing a strategic Bitcoin reserve would firmly secure the dollar’s position as the world’s reserve currency into the 21st century and ensure we remain the world leader in financial innovation,” said Lummis. “Families across Wyoming and the U.S. are struggling to keep up with soaring inflation rates and record-breaking costs while our national debt reaches unprecedented levels; now more than ever, we need to create a brighter future for generations of Americans by diversifying into Bitcoin and securing our economic future.”

The United States currently maintains strategic reserves in certain hard assets critical to American national security and independence such as gold and petroleum. Establishing a strategic Bitcoin reserve to bolster the U.S. dollar with a digital hard asset will secure our nation’s standing as the global financial leader for decades to come. This strategic Bitcoin reserve would be required to hold onto the Bitcoin for 20 years, the only thing it could be used to pay for during that time period is paying down our country’s national debt.

Specifically, the legislation would:

• Establish a decentralized network of secure Bitcoin vaults operated by the United States Department of Treasury with statutory requirements ensuring the highest level of physical and cybersecurity for the nation’s Bitcoin holdings.
• Implement a 1-million-unit Bitcoin purchase program over a set period of time to acquire a total stake of approximately 5% of total Bitcoin supply, mirroring the size and scope of gold reserves held by the United States.
• Be paid for by diversifying existing funds within the Federal Reserve System and Treasury Department.
• Affirm self-custody rights of private Bitcoin holders and emphasize that the strategic Bitcoin reserve shall not infringe upon individual financial freedoms.

The bill is expected to be introduced in the coming days with additional cosponsors to be announced.

Lummis Announces Revolutionary Proposal to Supercharge the Dollar, Bolster U.S. Economy » Senator Cynthia Lummis

Washington, D.C.— Today, during Bitcoin 2024, U.S. Senator Cynthia Lummis (R-WY) announced a revolutionary proposal to supercharge the U.S. dollar by establishing a strategic Bitcoin reserve to fortify the dollar against rising inflation and cement U.S. leadership in the rapidly evolving global...

www.lummis.senate.gov

 

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Lummis Announces Revolutionary Proposal to Supercharge the Dollar, Bolster U.S. Economy » Senator Cynthia Lummis

Washington, D.C.— Today, during Bitcoin 2024, U.S. Senator Cynthia Lummis (R-WY) announced a revolutionary proposal to supercharge the U.S. dollar by establishing a strategic Bitcoin reserve to fortify the dollar against rising inflation and cement U.S. leadership in the rapidly evolving global...

www.lummis.senate.gov

A bit more.................

The BITCOIN Act of 2024​

A brief overview of the recently proposed bill by Senator Cynthia Lummis to accumulate Bitcoin in a strategic US Reserve.

Following the announcement on July 27th at the Bitcoin conference in Nashville, the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide” or BITCOIN Act of 2024, introduced by Senator Cynthia Lummis of Wyoming, seeks to firmly establish Bitcoin as a strategic asset in the United States’ financial arsenal. At its core, the Act proposes the creation of a Strategic Bitcoin Reserve (SBR) and a structured Bitcoin Purchase Program, and comprehensive national custody policy. While the bill is quite brief, what follows is a breakdown of the Act's key provisions, their implications, and the innovative funding mechanisms employed.

The Strategic Bitcoin Reserve​

The establishment of the SBR signifies a paradigm shift in how the United States government manages and custodies Bitcoin at the Federal level. Mirroring many of the best practices currently discussed in the field, such as geographically distributed keys, a cold storage mandate, and independent proof-of-reserves audits, the SBR creates a decentralized network of secure Bitcoin storage facilities across the United States. (Notably not mentioned, however, is a multi-signature system, however it is not explicitly prevented either.) The Act thereby aims to protect against breaches and vulnerabilities to a single catastrophic event.

More:

https://bitcoinmagazine.com/legal/the-bitcoin-act-of-2024-

 

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The Fed wants to be the gatekeeper for Operation Choke Point 2.0:

 

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Harvard Journal of Law and Public Policy takes the SEC to task for their malfeasance in the war on crypto:

Problems with Rulemaking by District Court Enforcement Action: the SEC’s Improper Cryptocurrency Regulation – Eric Wessan & Phil Pillari

Problems with Rulemaking by District Court Enforcement Action: the SEC’s Improper Cryptocurrency Regulation Eric Wessan and Phil Pillari* Introduction Cryptocurrencies have become a vibrant part of…

journals.law.harvard.edu

 

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OpenSea Gets SEC 'Wells Notice' – Industry Reaction

Rounding up commentary on the SEC's latest enforcement action. Will all NFTs be treated as securities?

www.coindesk.com

 

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Sen. Warren needs to be retired by the voters, but is it even possible?
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No telling how sound that poll was, but I'd like to think this is possible.

Deaton won the Republican nomination. Could the crypto issue send Warren home?

Crypto-Fan Deaton Gets Chance to Battle Elizabeth Warren for U.S. Senate

John Deaton, a lawyer known as an advocate for crypto, dominated the Republican primary in Massachusetts, though beating Warren would be a Herculean task.

www.coindesk.com

 

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The SEC is out of control. Congress really needs to reign them in. Comments to that tweet are amusing.

 

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Lolz:

 

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The U.S. Securities and Exchange Commission was hammered for two hours in a congressional hearing on Wednesday in which the witness list predominantly included agency critics, including former Commissioner Daniel Gallagher, who is now at Robinhood.

In a preview of what could come when all five SEC commissioners – including Chair Gary Gensler – face a full hearing of the House Financial Services Committee on Sept. 24, the agency took a rhetorical beating from most of Wednesday's witnesses, all the Republican members and some of the crypto-friendly Democrats on the subcommittee holding a hearing entitled, "Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets."
Gallagher, who is a senior lawyer at Robinhood Markets and whose name has been circulated as a possible agency chair if Republicans retake the White House next year, recounted a "very frustrating" situation in which his company was rebuffed in an effort to register with the SEC for crypto activity and has recently received a notice that the agency is weighing an enforcement action "on our very compliant Robinhood crypto offering."
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SEC’s Crypto Record Rebuked by Ex-Commissioner, GOP Lawmakers in Hearing

The U.S. securities regulator took a beating in a congressional hearing that was weighted against it, with a witness list of critics calling out the SEC for its fight against crypto firms.

www.coindesk.com

 

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SCOOP: I got a quick at look at the memo circulated by Democrat leadership for today’s
@FinancialCmte
hearing and it’s abundantly clear from the framing and the language used just how partisan #crypto still is from a Dem leadership perspective. For example, they say that the bipartisan crypto legislation FIT 21 and the proposed rollback of SAB 121 are “particularly harmful pieces of legislation” and the work of “extreme MAGA Republicans.”

 

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Thread is worth a read:

 

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Thread:

 

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US SEC, Coinbase clash in court over crypto rulemaking​

Sept 23 (Reuters) - Coinbase (COIN.O), opens new tab and the U.S. securities regulator faced off in a federal appeals court in Philadelphia on Monday as the cryptocurrency exchange pressed the agency to create new rules for digital assets.

Coinbase, the largest U.S. crypto exchange, sued the Securities and Exchange Commission last year in an effort to compel the regulator to act on a petition for rulemaking Coinbase filed in 2022.

In that petition, it urged the SEC to provide clarity on circumstances under which a digital asset is a security and create a new market structure framework compatible with cryptocurrencies.

More:

https://www.reuters.com/legal/us-sec-coinbase-clash-court-over-crypto-rulemaking-2024-09-23/

 

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Related to the previous post (regarding House Financial Services Committee hearing today with all 5 SEC commissioners):



^^ thread

 

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I hope this meeting gets posted on Youtube in its entirety.

 

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Inside the Biden Admin’s Plot to Destroy Silvergate and Debank Crypto for Good

new information suggests biden admin regulators deliberately killed off crypto-friendly silvergate in an attempt to decapitate

www.piratewires.com

 

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Oh my...

 

[WinkWink]

 

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Cryptocurrency exchange Crypto.com said it sued the U.S. Securities and Exchange Commission, along with its Chair Gary Gensler and its four commissioners after the regulator sent a Wells Notice to the company.
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Crypto.com's filing "seeks declaratory and injunctive relief to prevent the Securities and Exchange Commission ('SEC') from unlawfully expanding its jurisdiction to cover secondary-market sales of certain network tokens sold on Crypto.com’s platform," the suit said.

Separately, Crypto.com has filed a petition "with the CFTC and SEC to confirm via joint interpretation that certain cryptocurrency derivative products are solely regulated by the CFTC."
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Crypto.com Sues SEC, Chair Gary Gensler After Receiving Wells Notice

The case seeks to prevent the SEC from unlawfully expanding its jurisdiction to cover secondary-market sales of certain network tokens sold on the exchange.

www.coindesk.com

 

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Wyoming has a long history of self-reliance and innovation, especially in finance. Custodia Bank, founded here, is pushing the boundaries of digital banking and blockchain technology. Yet Custodia’s battle with the Federal Reserve is about more than just its future—it’s about who controls financial freedom and, ultimately, the sovereignty of states like Wyoming.

The Federal Reserve denied Custodia a master account, an essential tool for direct access to the U.S. payment system. This isn’t just a bureaucratic hurdle—it’s an attempt to suppress competition. While Custodia and other small banks are blocked, the Fed allows big players like Bank of New York Mellon to operate freely in the same digital asset space. Such double standards should concern every American who values competition, fairness, and innovation.
...

More:

Guest Column: Wyoming vs. the Fed -- Why Custodia Bank’s Fight…

State Rep. Daniel Singh writes, "Custodia’s fight is about more than one bank; it’s a fight for fairness and autonomy. This issue gives lawmakers a chance…

cowboystatedaily.com

 

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Coinbase Escalates SEC Fight Over the Agency's Inside Chatter on ETH

The company's go-between on a quest to see SEC documents – History Associates – told a court it intends to ask for an immediate judgment in the dispute over internal communications.

• A research firm Coinbase hired intends to ask a judge for a quick call on whether it should get key SEC documents that might reveal how the agency came to view crypto tokens as securities.
• The federal court could decide whether the company (and the public) get to see what the SEC officials said in private discussions as they tried to figure out whether digital assets like ETH should be counted as securities.

An intermediary for the biggest U.S. crypto exchange, Coinbase Inc. (COIN), is cranking up its legal fight over the Securities and Exchange Commission's unwillingness to produce documents revealing the regulator's internal thinking on whether to pursue Ethereum's ether (ETH) and other tokens as illegal securities.

More:

Coinbase Escalates SEC Fight Over the Agency's Inside Chatter on ETH

The company's go-between on a quest to see SEC documents – History Associates – told a court it intends to ask for an immediate judgment in the dispute over internal communications.

www.coindesk.com

 

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Related to post #186:

Last week, you probably saw that the cryptocurrency exchange Crypto.com sued the SEC. Maybe you moved on with your day, or read on to see that the company is “seek[ing] declaratory and injunctive relief to prevent the Securities and Exchange Commission ('SEC') from unlawfully expanding its jurisdiction to cover secondary-market sales of certain network tokens.”

If you’re like me, you probably didn’t process this as big news. After all, cryptocurrency projects are suing or being sued by the SEC all the time, and none of these have moved the needle. Crypto.com CEO Kris Marszalek said it filed the complaint to “protect the future of crypto” and, with all due respect, that kind of grandiose rhetoric made me think this case was just a posturing exercise.

When I dug a little bit, though, this Crypto.com began to look different. When I worked in Big Law, I specialized in what some people call “bet the company” litigation, and what Crypto.com set in motion in Texas last week might be just that.
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And so, somehow, Crypto.com has reached the precipice. If it wins the first “ripeness” issue and is allowed to bring its case, little stands in its way. Its arguments on the merits are strong, and there are few courts more sympathetic to those arguments than E.D.Tex. From there it would go to the Fifth Circuit, the court the SEC fears the most. And then, just maybe, the Supreme Court, where it would have a sympathetic panel and one of the most experienced appellate attorneys in the country to make its case.

I don’t know how this case will turn out, but pay attention. If it wins, Crypto.com could change the game.

I just quoted the intro and conclusion. If you want the meat, you'll find it here:

https://www.coindesk.com/opinion/2024/10/18/cryptocom-v-sec-is-a-bold-bet-the-company-case/

 

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Operation Chokepoint 2.0 continues...

 

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The 2024 United States elections have seen hundreds of pro-crypto candidates elected as results from across the nation continue to roll in.

At the time of writing, data from Coinbase’s Stand With Crypto (SWC) website shows pro-crypto officials have been elected across most states. According to the site’s map, only New Mexico, Alaska, Hawaii, Vermont and Maine have yet to elect a pro-crypto candidate.
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Crypto advocates donated approximately $206 million to election campaigns, according to SWC. Of this, around $204 million went to Fairshake, a pro-crypto super Political Action Committee, while nearly $3 million was donated to SWC itself.

On Nov. 6, pro-crypto Republican Bernie Moreno won the Ohio Senate seat from the incumbent Democrat Sherrod Brown. The Brown-Moreno contest was one of the costliest in terms of campaign advertising, with over $500 million spent.

Fairshake reportedly spent $40 million to help Moreno defeat Brown in one of its priority races. Key donors include Coinbase, Ripple Labs and Andreessen Horowitz’s founders.

Moreno won with more than 2.8 million votes, or 50.2% of the total, while Brown received 2.5 million votes, or 46.4%.

The win adds a pro-crypto politician to the Senate and removes an anti-crypto voice. Brown has close ties to Securities and Exchange Commission Chair Gary Gensler, who has been a leading figure in US regulatory crackdowns on crypto businesses.
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More:
https://www.msn.com/en-us/news/othe...win-election-races-across-america/ar-AA1tC7mH

Data deep dive:

https://www.standwithcrypto.org/races

 

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Republican SEC Commissioner Mark Uyeda wants to help president-elect Donald Trump fulfill his promise of ending the Biden Administration’s so-called war on crypto, FOX Business has learned.

Uyeda, who has served on the commission since 2022 and would likely become acting chair when Trump takes the reins in January, tells FOX Business that one path forward for the agency under Trump would be to pause new enforcement actions against firms that have failed to register until there are some clear rules of the road in place.

"The Commission’s war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm," he said. "President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate."
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More:

SEC commissioner backs Trump’s plan to end crypto crackdown

Republican SEC Commissioner Mark Uyeda suggests pausing new enforcement actions against firms that have failed to register with the commission until clear rules of the road in place

www.foxbusiness.com

 

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“The people voted for this country to take a new direction, and Chairman Gensler should respect that vote by stepping down from his position immediately. This is the only way for America’s working families, retirement savers, and small businesses to rebuild their trust and confidence in the institution of the SEC.”

 

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Charles is an interesting dude:

Charles Hoskinson (born 1987 or 1988) is an American entrepreneur who is a co-founder of the blockchain engineering company Input Output Global, Inc. (formerly IOHK), and the Cardano blockchain platform,[2] and was a co-founder of the Ethereum blockchain platform.[3][4]
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Charles Hoskinson - Wikipedia

en.wikipedia.org

He's pretty active on social media and a big advocate for decentralized governance in crypto. I'm interested to see where this goes...

 

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Ex-SEC Lawyers Agree: Crypto Enforcement Shackles May Take Time to Resolve

After years of legal wrangling with the U.S. securities regulator, President-elect Donald Trump's win was taken by the crypto industry as a definitive sign that their courtroom shackles and enforcement actions would be thrown off when he takes the oath of office again.

www.coindesk.com

 

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