SEC Regulation of Crypto and Digital Assets Under Trump 2.0 Practical Law The Journal
For the first time, crypto and digital assets played a meaningful role in a US election. The crypto community favored President Trump in the 2024 election because he promised crypto-friendly reforms throughout the campaign. As anticipated, the second Trump administration has acted swiftly and voluminously in addressing regulatory pain points for the crypto markets as part of a broader deregulatory initiative, as well as enacting other noteworthy pro-crypto measures.
Because SEC commissioners serve at the discretion of the president, the agency's policies generally reflect the priorities of the current administration. Under Trump 2.0, the SEC has wasted no time in implementing the administration's game plan. This article highlights significant SEC crypto-related actions under the second Trump administration, including:
Formation of the SEC crypto task force.
Replacement of the SEC's crypto enforcement unit with the newly formed Cyber and Emerging Technologies Unit (CETU).
Termination or delay of notable crypto enforcement matters.
Rescission of Staff Accounting Bulletin 121 (SAB 121) on crypto custody accounting.
Withdrawal of a 2019 statement and issuance of frequently asked questions (FAQs) on broker-dealer custody of digital assets.
Withdrawal of an appeal of a district court ruling vacating expanded SEC definitions of the terms 'dealer' and 'government securities dealer' which captured crypto.
Statements by the Division of Corporation Finance on:
stablecoins;
meme coins; and
crypto mining activities.
(For the complete version of this resource, which includes information on a variety of Trump administration crypto-related initiatives, including an executive order creating a presidential crypto working group and prudential bank crypto regulatory reforms, see Regulation of Crypto and Digital Assets Under Second Trump Administration: Overview on Practical Law.)
Crypto Task Force
On January 21, 2025, then-Acting SEC Chair Mark Uyeda announced the launch of an SEC crypto task force, headed by Commissioner Hester Peirce, dedicated to developing a comprehensive and clear regulatory framework for crypto assets in the US. The announcement marked a dramatic change in the SEC's approach to crypto regulation, which has in recent years relied on regulation by enforcement. The agency took a notoriously aggressive approach to crypto enforcement under prior SEC Chair Gary Gensler, placing the agency at odds with the crypto industry and certain proponents of fintech innovation (for more information, see Regulation of Crypto-Asset Securities in USA on Practical Law). These critics have often included Commissioners Uyeda and Peirce, who now find themselves in position to guide SEC crypto policy.
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