SEC May Ease Crypto Legal Battles, Paving Way for Solana ETF Under Trump

Dec 3, 2024, 03:02 PM

The U.S. Securities and Exchange Commission (SEC) may ease its legal battles against cryptocurrency exchanges following Donald Trump's return to the White House, according to a Wall Street Journal article. Under the leadership of Chairman Gary Gensler, the SEC had initiated legal actions against platforms like Binance, Coinbase, and Kraken. However, with Trump's pro-crypto stance, the next SEC chair might pause most of these lawsuits, reducing regulatory hurdles for the cryptocurrency industry. Experts from WilmerHale suggest that while the SEC's approach to crypto policy could change, enforcement actions are unlikely to stop entirely. This shift in policy could also open up initial public offering (IPO) opportunities for crypto companies like Circle and Kraken, which had faced SEC scrutiny in the past. Additionally, there is an expectation that a Solana ETF might be accepted fairly quickly under the new administration.