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With president-elect Donald Trump set to be inaugurated in the coming days, it appears that his administration will pause any ongoing cryptocurrency enforcement actions that do not explicitly involve elements of fraud.
Trump has already signaled his administration will be more friendly towards cryptocurrencies.
The new leadership at the U.S. Securities and Exchange Commission (SEC) under Trump is preparing to overhaul the agency's cryptocurrency policies, according to reports. This policy shift is said to aim at reshaping regulations affecting digital assets, amidst expectations of a more lenient regulatory environment.
Paul Atkins, Trump's crypto-friendly pick for SEC chair and former agency commissioner, is widely expected to end a crypto crackdown led by President Biden's Democratic SEC chair Gary Gensler, but it is unclear when the Senate will confirm him.
Gensler has said he will step down on Jan. 20 when Trump is sworn in.
As of next week, commissioners Hester Peirce and Mark Uyeda will hold the majority among the agency's politically-appointed commissioners and are poised to get the ball rolling in the interim, the people said.
According to Reuters, Peirce and Uyeda are determining how to initiate the process that would ultimately lead to guidance or rules clarifying when the agency considers a cryptocurrency to be a security, and reviewing some crypto enforcement cases pending in the courts.
Bitcoin's price shot up 4 percent over the $100,000 mark on the news.
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