Will Trump’s Election Win Dismiss SEC Crypto Lawsuits In the United States ?
One crypto lawyer believes a Donald Trump election win could lead to the dismissal of several SEC crypto lawsuits. However, some experts caution that Trump has a history of not keeping his campaign promises.
Potential Changes at the SEC
James Murphy, a crypto lawyer known as “MetaLawMan,” expressed his views on social media, stating that any ongoing crypto cases should not be settled with the current SEC until after the election results. He anticipates a significant shift in the SEC’s stance on crypto if Trump wins, given Trump’s recent positive remarks about the crypto industry. Trump has positioned himself as a pro-crypto candidate, even promising to commute the life sentence of Silk Road founder Ross Ulbricht if elected.
Skepticism About Trump’s Promises
Despite Murphy’s optimism, others are skeptical of Trump’s promises. Adam Cochran, a partner at Cinneamhain Ventures, pointed out Trump’s history of reversing his positions and acting in his own interest. Similarly, Alexander Blume, a partner at Two Prime hedge fund, noted that Trump has a record of making unfulfilled promises to gain support from desperate groups.
Trump’s Track Record on Campaign Promises
According to an analysis by PolitiFact, Trump broke more than half of the 102 promises he made during his 2016 presidential campaign. This history raises doubts about whether his recent pro-crypto stance will translate into actual policy changes if he is elected.
Trump’s Past Anti-Crypto Stance
As president, Trump was openly critical of cryptocurrencies. He tweeted that he was “not a fan of Bitcoin and other cryptocurrencies,” describing them as “based on thin air.” In 2021, he also suggested that crypto “may be fake” and called it “a disaster waiting to happen.”
Contrasting Views on Trump’s Impact on Crypto
Crypto lawyer Gabriel Shapiro argues that Trump’s negative comments about crypto in the past do not compare to the current administration’s regulatory actions against the industry. Some industry executives believe that despite his flaws, Trump’s promises could create a more favorable environment for the crypto industry. Mike Dudas, founder of The Block and venture capitalist, stated that while he has personal disagreements with Trump, his policies could allow the crypto industry to thrive.
Current Political Landscape
As of now, Trump holds a narrow lead over President Joe Biden in Morning Consult’s 2024 presidential election polling. The outcome of the election could have significant implications for the crypto industry, especially in terms of regulatory actions taken by the SEC.
The U.S. will head to the polls on November 5, and the crypto industry is watching closely. While some see a potential Trump victory as a chance for positive changes in crypto regulations, others remain cautious, given his history of unfulfilled promises and past anti-crypto sentiments.
