A potential victory for Donald Trump in the upcoming November elections could lead to the dismissal of several U.S. Securities and Exchange Commission (SEC) crypto lawsuits, according to crypto lawyer James Murphy, known as “MetaLawMan.”
Murphy advised against settling any crypto cases with the SEC, suggesting a shift in the regulatory body’s stance under a Trump administration.
“I wouldn’t settle any crypto case with the current SEC before seeing how the election turns out,”
he posted on X on May 26.
Murphy anticipates “a very different SEC” based on Trump’s recent pro-crypto statements.
In the past month, Trump has portrayed himself as supportive of the crypto industry, asserting that the United States should lead in this field and expressing willingness to commute Silk Road founder Ross Ulbricht’s life sentence if elected.
RELATED: Trump Vows to Make U.S. a Global Crypto Leader at 2024 Libertarian National Convention
“I could imagine voluntary dismissals of crypto cases the [SEC Chair] Gary Gensler regime has initiated where there was no fraud and no victims,”
Murphy added.
However, not everyone is convinced of Trump’s commitment to his promises. Cinneamhain Ventures partner Adam Cochran criticised Trump’s history of inconsistent positions, claiming,
“Just like Biden, Trump was previously anti-crypto and is pandering to get votes.”
Two Prime hedge fund partner Alexander Blume echoed this sentiment, noting that Trump has a pattern of making promises for political gain and not following through.
Analysis from PolitiFact shows Trump broke over half of the 102 promises made during his 2016 presidential campaign, compromised on 23, and kept 24.
Trump’s past remarks have also shown skepticism toward cryptocurrencies. As president, he tweeted that he was “not a fan of Bitcoin and other cryptocurrencies,” describing them as “based on thin air.” In 2021, he called crypto “a disaster waiting to happen.”
Yet, crypto lawyer Gabriel Shapiro argued that Trump’s critical tweets about crypto do not compare to the extensive regulatory actions taken under the Biden administration. According to Shapiro,
“Trump saying some mean words about crypto on Twitter” is not equivalent to “the four-year witch hunt the Biden admin has waged on crypto.”
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