With Trump being elected as the President of the United States, his promise to fire SEC Chairman Gary Gensler on his first day in office will also be implemented, which also indicates that the SEC may change its previous harsh attitude towards cryptocurrencies. In this regard, Consensys CEO also said that during the Trump administration, the SEC’s legal battles with the encryption industry may gradually disappear. (Preliminary summary: Gary Gensler gave a farewell speech? What encryption regulatory policies will the SEC adopt under Trump 2.0) (Background supplement: Trump wants to fill regulatory agencies with encryption-friendly officials, and potential candidates for the new SEC chairman have been exposed) With Trump After Trump was elected as the President of the United States, the market's expectations for Trump's previously promised encryption policy have greatly increased, which in turn pushed Bitcoin to soar from US$69,000 to US$93,000, continuing to set new historical highs. Not only that, as Trump is about to enter the White House next year, one of his pre-election promises to "fire SEC Chairman Gary Gensler on the first day of his election" may be implemented soon. Although from a legal perspective, Trump cannot directly fire Gensler, it is understood that Trump may plan to accelerate the appointment of a new SEC chairman through a "recess appointment" to replace Gensler, who is a hawk on law enforcement for the cryptocurrency industry. This is also This indicates that the SEC, which has a strict attitude towards cryptocurrencies, is about to flip. Extended reading: Countdown to the resignation of Gary Gensler) Trump hinted that he would "adjourn to appoint" a new SEC chairman, bypassing the Senate personnel review. The encryption industry's fight with the SEC may gradually disappear. In this context, according to Cointelegraph, MetaMask wallet developer Consensys CEO Joe Lubin predicted in an interview that with Trump re-elected, the legal battle between the encryption industry and the SEC may gradually disappear, saving hundreds of millions of dollars in the future: My guess is that they will find a way that is not embarrassing. way to end these cases, which may be by dismissal, settlement, or similar means. Maybe not all the cases, maybe not all the details of the cases, but I have a hunch that our industry will save hundreds of millions of dollars in the future. Lubin: Consensys lawsuit ignites crypto fire In addition, Lubin also talked about Consensys filing a lawsuit against the SEC and its five commissioners in April, accusing the agency of planning to regulate ETH as a security."I think our lawsuit lit a fire that the legal community took notice of," Lubin said. In the lawsuit, Consensys alleged that the SEC launched a campaign to "control the future of cryptocurrency" and tried to regulate Ethereum as a security through enforcement actions. Lubin believes that the SEC is trying to argue that Ethereum 2.0 is different from the old version of Ethereum: I think their strategy is to say that Ether under Ethereum 2.0 is a different asset from the old version of Ether, and for the old version of Ether, regardless of Bill Hinman’s They didn't care what was said. You could call it a commodity, but this new version of Ether is clearly a security. However, the lawsuit filed by Consensys was ultimately dismissed by a Texas federal judge on September 19. Extended reading: News) Consensys sues the US SEC! To prevent the "recognition of Ethereum as a security", 18 states sued the SEC, accusing its encryption enforcement of being unconstitutional. Although the lawsuit filed by Consensys was dismissed, the SEC's long-term tough enforcement of the encryption industry eventually ushered in a backlash. According to previous reports from Dongzhong, recently, the attorneys general of 18 states in the United States jointly sued the SEC and its commissioners, accusing it of "unconstitutional overreach" and unfair targeting of the cryptocurrency industry. According to a tweet from Fox Business reporter Eleanor Terrett and a report from Lawyer Monthly, the lawsuit was signed by 18 Republican state attorneys general, including Kentucky, Florida and Texas, and detailed how the SEC passed an investigation worth $3 trillion. Law enforcement-style regulation of the U.S. dollar crypto industry has resulted in “serious government overreach.” As a result, states filed a coalition of lawsuits aimed at limiting the SEC's power. The attorneys general of these states believe that the SEC's actions violate the principles of federalism and separation of powers and infringe on the rights of states to manage their own economies. They noted that the SEC's imposition of penalties and restrictions on cryptocurrency companies in the absence of a clear regulatory framework poses "significant risks" to innovation and economic progress. Additionally, SEC Chairman Gensler has insisted that most digital assets, with the exception of Bitcoin and Ethereum, are securities, a stance that has been criticized as arbitrary and forces cryptocurrency companies to operate in a regulatory vacuum. Related reports: CZ fights back against SEC after being released from prison!Lawyers for Binance want the court to dismiss the lawsuit: Why are all crypto assets securities? Targeted for cutting leeks) SEC, FBI and Department of Justice cooperate to prosecute 4 cryptocurrency companies: involved in market manipulation and fraud Gary Gensler steps down) Coinbase Attorney General: The new SEC chairman will significantly reduce encryption enforcement "Metamask" Parent company: Trump SEC encryption litigation cases during his term are expected to be dismissed or settled." This article was first published in BlockTempo (Dong District Dongzhu - the most influential blockchain news media).

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