In the letter addressed to Donald Trump, who won the presidential election, it is hoped that the SEC presidential candidate will bring needed reforms to crypto market regulations in the United States.
Current Regulations and Issues
While other countries have established clear regulations for crypto entrepreneurship, US lawmakers and regulators have refrained from modernizing this area. This has led the SEC, under current chairman Gary Gensler, to file lawsuits against crypto companies and projects without allegations of fraud or investor damages.
The letter writer proposes an Executive Order that Trump could issue on presidential day. Within the scope of this decision, federal agencies are asked to stop all investigations and sanctions regarding crypto companies and terminate these processes without valid reasons.
Expected Results
The proposed Executive Order is expected to reverse the negative impact experienced in the crypto-asset industry and help America become a leader in the crypto economy. It is stated that current sanctions hinder the development of the sector and leave it behind in international competition.
“This Executive Order could be the first step towards the revival of the crypto industry in America.” – Letter
The Executive Order aims to review the government’s current harsh approach towards the crypto sector and introduce more flexible regulations. Thus, it is aimed to evaluate the opportunities offered by crypto assets and blockchain technology.
Finally, the letter author emphasizes the potential of the United States to become the center of the global crypto economy and states that the proposed step can play an important role in achieving this goal.
It is of great importance to carry out regulatory reforms for the USA to become a leader in the crypto market. The proposed Executive Order can contribute to the revival of the sector and achieve a strong position in international competition.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
