Ah, the esteemed financial regulator, that grand institution of oversight, seems to be loosening its grip, as if it were a weary old man untying his shoelaces after a long day of chasing after errant crypto companies. Yet, lo and behold! Those with deadlines looming like dark clouds on the horizon still find themselves in the crosshairs of this bureaucratic ballet.
“I’ve heard from a multitude of legal sages that the SEC is now playing favorites, prioritizing cases with deadlines that are as imminent as a cat’s pounce on a hapless mouse. This might explain the curious absence of pause requests in the Ripple and Kraken sagas,” quipped the ever-watchful Eleanor Terrett of Fox Business on the 19th of February.
Mark your calendars, dear readers! Ripple’s court deadline is set for April 16, while Kraken’s is a mere March 31. And as for Binance? Well, it seems they’ve been granted a temporary reprieve until April 1—how delightfully ironic!
Our dear Terrett speculates that the SEC might be biding its time, waiting for the grand confirmation of Paul Atkins as the new chair. Perhaps they’re hoping he’ll bring a touch of sanity to this circus.
“In the meantime, the crypto task force, Congress, and the Presidential Working Group on Digital Assets are presumably scurrying about, trying to patch the gaping holes in regulation that led to these lawsuits in the first place,” she mused.
NEW: On the @SECGov pausing ongoing litigation against #crypto firms — I’m told by multiple legal sources that the SEC has been prioritizing cases with imminent court deadlines, which is one explanation for why we haven’t seen pause requests in the @Ripple and @krakenfx cases.…
— Eleanor Terrett (@EleanorTerrett) February 19, 2025
Trump’s Rant Against the SEC
In a twist worthy of a theatrical performance, President Trump has taken to the stage, demanding the deregulation of the crypto realm, claiming it has been shackled by burdensome rules and regulations that would make even the most patient of souls weep.
“These so-called independent agencies, like the SEC, have wielded their power over the American populace without so much as a nod from the Presidential throne,” he declared with the fervor of a man who has just discovered a new flavor of ice cream.
“Now, they shall no longer impose their whims upon the American people without oversight or accountability!”
This week, in a surprising turn of events, the SEC decided to drop its appeal in a significant legal battle concerning crypto regulation, retreating from a skirmish over a rule that would have expanded the definition of regulated securities dealers. A tactical withdrawal, if you will!
Meanwhile, the US Department of Government Efficiency (DOGE), under the whimsical leadership of Elon Musk, has issued a clarion call on X, seeking the public’s wisdom in uncovering the waste, fraud, and abuse that seems to flourish in the SEC’s garden.
DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud, and abuse relating to the Securities and Exchange Commission.
— DOGE SEC (@DOGE_SEC) February 17, 2025
A New Unit for Crypto Crimes
On the 20th of February, the SEC unveiled its latest creation: a “Cyber and Emerging Technologies Unit,” designed to protect the unsuspecting retail investors from the lurking dangers of the digital realm.
This newly minted unit, a mere shadow of the once-mighty crypto enforcement brigade, has been restructured into a broader cyber fraud team, now under the watchful eye of SEC attorney Laura D’Allaird. With a modest staff of about 30, they will tackle various forms of cyber-related fraud, including the nefarious activities lurking in the depths of social media, AI, and blockchain.
“Under Laura’s astute leadership, this new unit will complement the efforts of the Crypto Task Force led by the ever-astute Commissioner Hester Peirce,” proclaimed acting Chairman Mark Uyeda, as if announcing the arrival of a new hero in a long-forgotten tale.
This shift in strategy signals a departure from the SEC’s previous aggressive stance on crypto, which was reminiscent of a bull in a china shop, under the stewardship of Gary Gensler, who had pursued enforcement actions with the zeal of a dog chasing its tail.
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2025-02-21 23:28