SEC commissioner backs Trump’s plan to end crypto crackdown

Published On Nov 7, 2024, 7:05 PM

SEC Commissioner Mark Uyeda has expressed support for former President Donald Trump's plan to end the current administration's stringent regulations on the cryptocurrency industry, which he refers to as a 'war on crypto.' Uyeda suggests a moratorium on new enforcement actions against crypto firms that have not registered with the SEC until clearer regulations are established. His stance aligns with Trump's promises during his campaign, advocating for less regulatory pressure on the crypto industry. The current SEC Chair, Gary Gensler, has been criticized for his aggressive enforcement actions against various crypto exchanges and firms.

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Stock Forecasts

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If the proposed regulatory easing under Uyeda and Trump is enacted, it could foster a more favorable environment for cryptocurrency companies, potentially leading to increased investment activity in the sector. This could result in a positive outlook for cryptocurrencies as well as firms involved in blockchain technology.

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Additionally, established companies like Coinbase (COIN) and others facing enforcement actions could experience a significant recovery if regulatory pressures lessen. Hence, companies that are well-positioned in the crypto exchange space may benefit from a rebound in stock prices.

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