According to the New York Times on the 4th (local time), some members of the SEC's 50-person cryptocurrency enforcement division
The report said lawyers were being transferred to other divisions, and that one of the SEC's general counsels was reportedly being transferred from the SEC's enforcement division to another division. The sources, who requested anonymity, said the transfer was an unfair demotion.
The report was reportedly filed by SEC Commissioner Hester Pierce.
This comes shortly after the IRS published its proposed new cryptocurrency regulation.
He also said the SEC's current regulatory approach would be "like slamming on the brakes while driving down the road."
"The journey of the newly launched Crypto Task Force should be smoother and less risky than before," he said.
The reshuffle of the cryptocurrency enforcement division is an extension of the SEC's recent leadership changes, which have accelerated in recent months, particularly under President Donald Trump.
The changes accelerated after President Trump took office on January 20. In October 2024, the SEC appointed Gurbir Grewal, the division's chief.
Grewal announced his resignation, which led to speculation that the SEC would weaken its cryptocurrency regulations.
During his tenure at the SEC, Director Grewal brought over 100 enforcement actions, including against the world's largest cryptocurrency exchange operators, and implemented extensive regulatory controls within the cryptocurrency market.
The SEC said it had been working on a number of violations. Sanjay Wadhwa, a deputy director of the SEC's enforcement division, was then appointed acting director, but on January 31, he was removed from the position after more than 21 years with the firm.
SEC Chairman Gary Gensler also resigned on January 20.
2025/02/05 12:38 KST
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