As a seasoned crypto investor with a decade-long journey through the digital frontier, I am writing to you, President Elect Trump, with a sense of urgency and optimism. The potential for the crypto market under your leadership is tantalizingly close, yet elusively out of reach due to regulatory ambiguity that has long stifled innovation in the United States.
Dear President Elect Trump,
In my role as a joint leader of a prominent law firm’s digital assets department, I express optimism that your proposed chair for the Securities Exchange Commission (SEC) will bring about essential and timely changes in the manner the SEC handles cryptocurrency market regulations within the U.S.
Given that it’s important to acknowledge the time needed for your nominee to be officially confirmed as SEC chair and establish new guidelines for the cryptocurrency industry, I humbly suggest drafting an Executive Order for immediate implementation upon your presidency’s commencement. This order is designed to reinforce American dominance in the rapidly growing crypto financial system.
In contrast to other nations, the U.S. has been slow to adapt its regulations to foster a thriving crypto entrepreneurship environment. Instead, existing rules from decades past, which were not designed for this innovative technology, continue to govern the market. This leaves American participants navigating uncertain regulatory waters. Simultaneously, under current SEC Chairman Gary Gensler, there’s been a trend of bringing cases against crypto companies, projects, and founders for allegedly breaking these outdated regulations, even when no charges of fraud or investor harm are present.
It’s not surprising that a regulatory strategy based on enforcement has driven numerous pioneering innovators and corporations within the digital asset industry overseas, potentially undermining America’s dominance in the world economy.
How to find our way again
The good news is that it’s not too late to turn things around. The current moment presents a once-in-a-generation opportunity to make America the crypto capital of the world, and harness the transformative promise that digital assets and blockchain technology hold for our country. While there are many legislative, regulatory and tax reforms that will be needed to seize this opportunity, there is one immediate action you can take—on Day One of your Presidency—to pave the way for the crypto sector’s resurgence in America.
You can issue an Executive Order on January 20 directing all federal agencies to:
Suspend all inquiries, legal actions, and prosecutions against cryptocurrency companies, projects, and their leaders, except for cases where there are substantial accusations of:
2. Prepare a written explanation for the Office of the President, due within 180 days, outlining reasons that suggest the ongoing proceedings against the relevant agency should not be halted prematurely.
3. Immediately discontinue all ongoing probes, regulatory actions, or legal proceedings against crypto firms, initiatives, or leaders who do not require further pursuit.
What the proposed executive order would accomplish
This proposed Executive Order would be vitally important to undo the chilling effect on the digital assets industry that has been caused by the explosion in recent years of government enforcement litigation, including actions brought against good actors who at most did not follow outdated and inapplicable rules without causing harm to a single investor. The SEC, most notably, has extracted billions of dollars in disgorgement—a financial penalty which, several courts have held, should be used only in cases where an alleged violation of law caused pecuniary harm to victims—in victimless crypto enforcement lawsuits.
Numerous lawsuits aim to apply harsh penalties on legitimate cryptocurrency market players who are building the digital framework essential for the growth of these markets within the U.S. It’s time to reconsider the heavy-handed enforcement strategy currently in place. The Executive Order you could issue on your first day in office can help address this issue effectively.
In simpler terms, you possess a broad level of autonomy for taking this action. The U.S. Constitution, specifically Article II, grants the President the ability to independently issue Executive Orders without requiring legislation or regulatory guidelines. Furthermore, the Justice Department’s Office of Legal Counsel has stated that this power extends to making all federal agencies, including independent bodies like the SEC, comply with executive orders such as the one being discussed here, which would affect various Executive Branch departments.
By taking advantage of the Executive Order you could initiate a process, right from your first day in office, that aims to establish America as a key player in the worldwide cryptocurrency market.
This passage implies that the opinions stated within the article do not necessarily correspond with the beliefs held by CoinDesk, Inc., its proprietors, or any associated entities.
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2024-12-16 21:09