Donald Trump’s potential victory in the November elections could result in the dismissal of several crypto lawsuits filed by the Securities and Exchange Commission (SEC), according to crypto lawyer James Murphy. He believes that it would be wise to wait and see the outcome of the election before settling any crypto cases with the current SEC. Murphy expects that a Trump administration would bring about significant changes to the SEC’s approach to crypto regulation.
Trump has recently positioned himself as a supporter of the crypto industry, stating that he is “fine with” crypto and that the United States should lead in this field. He even promised to commute the life sentence of Silk Road founder Ross Ulbricht if elected. Murphy suggests that under a Trump administration, voluntary dismissals of crypto cases initiated by SEC Chair Gary Gensler, where there is no fraud or victims involved, could be possible.
However, not everyone is convinced by Trump’s newfound support for crypto. Adam Cochran, a partner at Cinneamhain Ventures, argues that Trump has a long history of backpedaling and prioritizing his own interests over others. Alexander Blume, a partner at Two Prime hedge fund, echoes this sentiment, claiming that Trump often makes promises to desperate individuals or groups and fails to follow through.
PolitiFact’s analysis reveals that Trump broke over half of the promises he made during his 2016 presidential campaign and compromised on nearly a quarter of them. Trump has also made negative remarks about crypto in the past, calling it “based on thin air” and claiming it could be a disaster waiting to happen.
Gabriel Shapiro, another crypto lawyer, argues that Trump’s negative remarks about crypto on Twitter cannot be equated to the ongoing regulatory actions taken by the Biden administration. Despite Trump’s past remarks and questionable track record with promises, some individuals in the crypto industry see him as a better option for their businesses and livelihoods compared to President Joe Biden.
According to polling data from Morning Consult, Trump currently holds a one percentage point lead over Biden in the 2024 presidential election. The outcome of the election will ultimately determine the future of crypto regulations in the US.